Weird 727 problem

That weird long bolt thing with the square head is the front band adjustment. If you removed it it's possible the parts that attach it to the front band fell out of place and are laying in the pan. So you need to pull the pan and make sure to get them back in place. Then you need to adjust it. The proper way to adjust it is to back off the locknut and torque the inner screw down (the one with the square head) to 72 inch lbs. with a small inch lb. torque wrench then back it off 2-1/14~2-1/2 turns. Then hold it right where it is and tighten the locknut down securely. If you didn't completely remove the bolt you might have been lucky enough that the parts didn't fall out of place therefore you can try just the adjustment first and see if that fixes it. BTW: what ever you do don't try to drive it until you do this as it will destroy the trans very quickly if not adjusted right.