Hello @Chris Newman

Oracle home is not correct error seems that the destination instance is not configured properly.
The New Oracle home path can be taken from the DBA team. They need to update the Oracle Home directory by validating the same. 

Thanks Tanuj, if we look at the database itself though (protect->databases), it does show the correct, new home.  Is this just a timing thing or?  A larger question is are we going to have this everytime we apply quarterly patches?  How to mitigate?

Closing the loop on this; Commvault backups succeed and it throws that event on the first backup attempt but does complete.  Afterwards, the databases reflect the new home and all good with zero intervention from us.