Other Configuration Manager-related features and issues
What is the source for that content? in looking at the log, it looks like it's just a servername, not a server and share and folder in that share? Unless you've updated the log info for privacy reasons.
Check the content source you've defined for this package; and confirm it a) exists, and b) your CM server has rights to read that source location.
Since you are saying "application", I'm guessing this is content associated with a Deployment Type of that Application. Look at the properties of that DT, the content source. I may be wrong; but I think that might be the source of your issues.