If you have macOS Monterey 12,
You will need to uninstall it. And install the downgraded version (16.88) here: https://officecdn.microsoft.com/pr/C1297A47-86C4-4C1F-97FA-950631F94777/MacAutoupdate/Microsoft_365_and_Office_16.88.24081116_Installer.pkg?apid=ets
If you have macOS Ventura 13, downgrade to version 16.101 by using this installer.
https://officecdn.microsoft.com/pr/C1297A47-86C4-4C1F-97FA-950631F94777/MacAutoupdate/Microsoft_365_and_Office_16.101.25091314_Installer.pkg?apid=ets
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However, if your macOS is below 12, Office products will now enter reduced functionality mode. In other words, the OS is too old to receive the licensing update the Office now requires. downloading an older version will not help in this scenario.
This is an update that occurred on July 13th and Microsoft shared it here: https://support.microsoft.com/office/update-microsoft-365-or-office-on-your-macos-or-ios-device-f418ae5d-bb5f-4078-b3d9-9340f5dd084e?apid=ets
If your device cannot update its OS to at least 12, your options will be: Use the web version or an alternative like LibreOffice. And you want to cancel your subscriptions.