Navigate to your course in Blackboard Ultra.
Navigate to the place you would like your Panopto video. In this case, I want my video inside Module 1.
Hover where you would like the video, then click the plus sign to add an item.
Click "Content Market"
Scroll down to "Panopto Video Embed (Ultra Only.)" Click on it.
Select the dropdown menu to find the course folder where the video is saved.
Click on the folder name to open it.
Click this radio button.
Click "Insert"
Your video will now appear in the module. Bonus: because you embedded the video, the permissions are automatically set so that students in this class have access to it.