This is an old thread but I’ve found a solution that doesn’t require a complete reinstall or starting over with a new project file. Not saying it’ll work for everyone but I thought it’s only right to share. After all, I’m sure someone will do a Google search for this problem in the near future.
Go to your auto-save folder and find the most recent auto-save. Open it. Hopefully it auto-saved recently and you didn’t lose a ton of work. If the most recent auto-save won’t open then try the one before and so on and so on. Now right click on a sequence. Go to “Sequence Settings.”
Look at “Video Previews.” Mine was reading Width: 16 and Height: 16. I have no idea if that’s right but it seemed unusual to me. I hit the “Reset” button next to it and it went back to 1920 and 1080 respectively.
I changed “Preview File Format” to “QuickTime (Desktop)” and “Codec” to H.264. All my footage is from a Canon 60D so this intuitively makes sense to me. No idea if this is optimal. Hit “OK” and “OK” again.
Now do this for every single sequence in your project.
I saved, quit, and reopened my newly altered project and it worked without a problem.
Again, I have no idea if the changes I made to “Video Previews” are optimal or “correct” but I do know that my project now opens and that I ultimately saved my project (not to mention hours upon hours of work).
Anyway, if you find yourself a similar predicament, give it a shot. You don’t really have much to lose.