In my case, the issue happened with the base installation of Office 2016 (x86), along with the most recent updates (16.0.4498.1000). I couldn't revert back to 1607, and was forced to do a clean install. I figured I'd give 1703 a shot, so I booted up with
that and got Windows installed, and then Office 2016. The problem occurred immediately, before I had gone through and updated any device drivers (so it was using drivers that Windows already had), and my printer wasn't on so I can at least rule that out. I
wasted two days getting my computer back on 1607, and am deferring the update until it's resolved.
That said, in case this actually helps, here is a list of all of the hardware on my machine:
Motherboard: ASRock Z97 Pro4 (LGA 1150)
Chipset: Intel Z97
CPU: Intel Core i7-4790K
LAN: Intel I218-V
Audio: Realtek ALC892
Video: MSI GeForce GTX 750 Ti
HD: Samsung SSD EVO 850
HD: Seagate Barracuda ST2000DM001 (x2)
Mouse: Microsoft IntelliMouse Explorer 3.0
DVD-R: Samsung SH-S223F (x2)
Monitor: Dell 2407WFP-HC
I guess I could have tried uninstalling most of these drivers, but given the fact that updating every single one of them with the most recent version didn't help, I figured I'd just be wasting more of my time.