X570 Phantom Gaming 4 - 2700X to 5700X Problems

I've had an X570 Phantom Gaming 4 with a Ryzen 2700X for quite a while now with no problems. I just bought a 5700X to upgrade but can't get the computer to POST with it installed. It just does the bootloop with no monitor output with the CPU and DRAM lights on, which I'm assuming means it's not recognizing the CPU.

I had upgraded to BIOS 4.30 earlier this year through Instant Flash in the BIOS. I read that you needed to update it through EFI to enable support for the 5 series, so I did that with 4.30 and it successfully updated everything, but it still does the bootloop with the 5700X in. Whenever I put the 2700X back in, it boots and runs fine. I've also tried clearing the CMOS with the jumper, and I tried booting with a single RAM chip in, even though they both work fine with the 2700X.

Is there anything I'm missing? It's possible that the chip is bad, but I have a feeling it's something to do with the BIOS. Should I try a newer BIOS?

Just to update this, I was able to borrow a 3600 and flashed the BIOS with that. I was able to get the 5700X to boot with RAM in channel A, but any combination of channel B would cause it not to boot. I also tried it with new RAM on the QVL list and it was the same issue.