1994 Grand Am GT Transmission

After stopping at a light when taking off the engine rev real high and then the transmission quit working the car will not hold any gear but park, there were no signs the tranny was going no slipage, or leaks the car was running fine, pulled the pan the fluid stank pretty bad and there is no metal in the pan.

I don't know much about transmissions any Ideas what could have happened, or any trouble shooting ideas would be appreciated.

The engine is 3.1L unsure what transmission is in the car.

Thanks for any help.