Creating new FPP in Panelizer can lead to new item showing as "deleted/removed"

Here's the scenario:

• Create a new panelized node page.
• Customize the display, go to the "content" section.
• Add a new FPP object from within the Panelizer UI, fill in the values, save the FPP.
• Instead of giving a summary of what the FPP object is, it says "deleted/removed" and shows the FPP's vid.

I haven't dug into yet, but I wanted to log this so we could look into it.