Compare today's date with existing Date

Hi I'm trying to create a formula that compares an Expiring contract date to today's date. If today's date is greater (past) the Expiring contract date the status will flip to "Expire". Otherwise it's "Active"

This is the formula I wrote but is giving me a #parseable error

=IF(TODAY() - [Contract Expiration Date]@row) > 1, "Expire", "Active")


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