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This is a short circuit condition.
If the motor has been sounding normal and the rollers as well. then you will need a new motor driver board. As they age eventually they will fail, usually before anything else as they work very hard to keep track of the speed and considering the way they are designed to operate PWM, its a task and certain components get very hot.
This board is easy to replace and isn't very expensive, if you have a few basic hand tools you should be able to do this, I will stick with you until this is fixed. No additional cost;-)
If you would like a phone call I can do that as well. Please before removing any of the wiring clips on that circuit board take a few pics of the wiring locations so you will be sure where they go once you have the new board.
The best place to get the motor driver board is Treadmill Doctor:
TOLL FREE 8am - 5pm Mon - Fri CST
I will stick with you until this is complete.
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