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Locate the video that you need to reprocess, then click the Settings button that appears when you hover anywhere over the specific video listing row.
When the settings panel appears, click Manage from the left menu.
Scroll to the bottom of the Manage options and click Re-process under the Processing management heading. This will reprocess the entire video, stream, and encoding. You will be prompted to confirm your action. Click OK.
After confirming, you will be returned to the Panopto folder and you will notice the video that is reprocessing will appear "greyed out" as you cannot access it or edit it during the reprocess. The job can take up to several minutes to complete, but you can follow it's progress in the highlighted region below, just below the title of the video. This status will update throughout the process until completion, at which point the video will be available again. There is no need to change any links.