SB 727 band lever help needed

Hey guys. I'm hoping someone can help out and get us back on the track. So, last night at test and tune I told my kid to do his burnout in second gear, but it was his first pass ever in the car and I guess he was nervous and was in first instead. So, he launches and part way down the track he has no forward gear after shifting. He pulls off and has nothing. No forward or reverse gear, only park. Pulled back to the pits and I check and adjust the linkage to make sure it's accurate and check the fluid level. Still nothing. Pull the pan and there's a slight amount of clutch dust, nothing major. However, the front band lever is hanging down. That doesn't seem right. So, now what? I really don't know much about transmissions, but want to seek help to find out if it needs to come out or if it's a possibility to fix it in the car. Combo is 360, 727 no brake, manual valve body and winters shifter. Unknown convertor, but I think it's 10" and supposedly fresh trans.

Where do I begin?
Here you can see the parts involved.
You will probably find the strut and the small lug for the band adjuster on top of the valve body.

IMG_4504.png