Recorded a meeting - playback has no sound

I think I see what's goin on. Bluetooth headphones usually connect as two separate devices: Headset and Headphones. Headset is for telecommunications, like chat, and Headphones is a higher-quality, listen-only device. When connected to a Teams meeting with Bluetooth, you typically use the Headset device.

For some reason, the recorded meeting remembers what device you used and will try to play the audio over the same device. (This is even the case if you hit the button in Teams to "Open in Stream" and watch in a browser.) Unfortunately, your computer will typically be set up to use the Headphones by default. You have to select the Sound icon in the system tray and manually change your playback device to Headset.

Then you can listen to the recording. If you disconnect your Bluetooth headphones and only have the Speakers option, Windows will shunt all audio sources there and you can listen to the recording (along with everyone else in the room.)

Remember to switch it back to Headphones when you're done, or your next YouTube video or Pandora track will sound like on-hold music. (For some reason, Windows can handle redirecting regular audio streams over the low-quality Headset device, but not vice-versa.)