If you set your free space alert too low (say 80%), the job won't run.
Reason for this is that it checks the space available first for what needs to be backed up, and this is compared to the setting reserving space. If the setting is already reached, your job doesn't run.
Try setting this a bit higher, and run the job again.
If you had a 600GB disk, and that alert is set to 80%, backups would fail once 480GB was reached. We know 120GB would be enough to get another 2 backups on for example, but BEWS doesn't see it that way. Setting it too 90% would see the backups halting at 540GB instead.
Laters!