Playback stuck on 120bpm

I have imported MIDI files into a project with VSTis. I set to the project tempo to 87 in the transport (and it reads 87) yet the project will only playback at 120. I have tried turning the tempo track on and setting it to 87 and I get the same result. Nothing I do to change the tempo actually changes the playback tempo. What is going on?

When I change the tempo, the MIDI events are moving on the grid relative to the change.
I can play the metronome at 87 bpm, but the music is still certainly at 120 and not aligned with the bars anymore.