There are 2 methods to fix this game. 1 of them is downloading a configuration file but, for some reason, it doesn't work for everyone, so the best option is to fix it manually and is completely easy.

1-Right click the game on your library and go to properties.

2-On the window that opens up, in the general tab, press "Set launch option...".

3-On the window, you are asked to grite something. Write "-S2" without the quotes. This will make the game to run on safe mode by desactivating every option and setting the graphics configuration to the minimal level.

4-Click OK, close the window and start the game. At this point the game should open (yay) but you will need to configure every option again every time you open the game in order to have max graphics detail. This is easy to fix.

5-Go to options in the game and check "desactivate hardware T&L" or something like that. This is the option that needs to be desactivated to fix the game. Press accept and close the game.

6-Repeat steps 1 and 2 and erase the launch options, click ok.

7-The game should start in normal mode now, you can configure it however you want but make sure to not to check again the T&L option or you'll have to start the whole process again.