Google Sheet ARRAYFORMULA(IF(ISBLANK returning error

I am updating my array formula but the updated formula is erring out.

Original formula: =ARRAYFORMULA(IF(TODAY()>O2:O,"Past due",IF(TODAY()<O2:O-7,"Upcoming due date","Due this week")))

Updated formula: =ARRAYFORMULA(IF(ISBLANK(O2:O),"Not Started",IF(I2:I="Delivered","Delivered",IF(((TODAY()>O2:O)*(I2:I<>Delivered,"Past due",IF(TODAY()<O2:O-7,"Upcoming due date","Due this week")))))))

What I want this formula to do is:

1. If Column O is blank, display text "Not Started"
2. If Column O is not blank and today's date is greater than Column O AND Column I doesn't equal "Delivered", display text "Past Due"
3. If Column I is "Delivered", display text "Delivered"
4. IF(TODAY()<O2:O-7,"Upcoming due date","Due this week"

I am sharing my workbook, URL hyperlink available. The formula will live in Column AE "Due Week". Assistance needed and appreciated.