What P0721 usually means
P0721 is the plausibility branch of the output-speed family and a strong adjacent expansion because it sits right between simple sensor-circuit failure and true transmission slip. The controller is seeing an output-speed signal, but the signal does not line up cleanly with vehicle speed, input speed, commanded gear, or converter behavior. In practice that means the code can come from a weak or noisy sensor, damaged tone-wheel information, connector trouble, or a real hydraulic ratio problem that makes the output-side math stop making sense.