A904 debris in pan

Since I'm not that familiar with transmissions, is that just saying the bands and clutch packs are worn, or does it mean there are other issues with the transmission. I am wondering if it can be rebuilt.

Thank you.
Find the videos posted by Precision Transmission in Amarillo, TX. He has one 727 video. You can tell by his video that he likes the durability and simplicity of the 727/904 units.

Watch and learn.