A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data
The reference to the cell with =TODAY() is misleading. That is probably just the cell that the Excel calculation engine stopped at when it decided that there must be a chain of circular references. (I suspect it stops based on an iteration count.)
And many unrelated cells might return inexplicable zeros or Excel errors (e.g. #VALUE and #NAME) because the calculation engine aborted the process. Again, that is a misdirection.
Finding circular references can be difficult. As you know, a "circle" has no beginning or end.
Click Formulas > Error Checking > Circular References to find some cells that Excel believes are part of one or more chains of circular references.
If that option is greyed out, I suggest that you open the file in Manual calculation mode.
It is not necessary to save the file that way. Instead, close all windows and applications. Then click on the Excel program icon (not an Excel file) to start Excel. Then click Formulas > Calculation Options > Manual.
Then in the same instance of Excel, click File > Open (or Recent) to open the offending file. It will open in Manual mode because calculation mode is an application attribute, and we set Manual mode for Excel with the first file (Book1).
If that does not pan out, you might need to open Excel in safe mode. LMK if you need those instructions.
PS.... Do __not__ set Iterative Calculation mode unless you purposely have formulas that require iterative calculations. (A bad idea, IMHO.) Setting Iterative mode might eliminate circ refs. But that is just masking the problem, not fixing it.