By comparing the properties of Red Supergiant (RSG) supernova progenitors to those of field RSGs, it has been claimed that there is an absence of progenitors with luminosities $L$ above $log(L/L_odot) > 5.2$. This is in tension with the empirical upper luminosity limit of RSGs at $log(L/L_odot) = 5.5$, a result known as the `Red Supergiant Problem. This has been interpreted as evidence for an upper mass threshold for the formation of black-holes. In this paper, we compare the observed luminosities of RSG SN progenitors with the observed RSG $L$-distribution in the Magellanic Clouds. Our results indicate that the absence of bright SN II-P/L progenitors in the current sample can be explained at least in part by the steepness of the $L$-distribution and a small sample size, and that the statistical significance of the Red Supergiant Problem is between 1-2$sigma$ . Secondly, we model the luminosity distribution of II-P/L progenitors as a simple power-law with an upper and lower cutoff, and find an upper luminosity limit of $log(L_{rm hi}/L_odot) = 5.20^{+0.17}_{-0.11}$ (68% confidence), though this increases to $sim$5.3 if one fixes the power-law slope to be that expected from theoretical arguments. Again, the results point to the significance of the RSG Problem being within $sim 2 sigma$. Under the assumption that all progenitors are the result of single-star evolution, this corresponds to an upper mass limit for the parent distribution of $M_{rm hi} = 19.2{rm M_odot}$, $pm1.3 {rm M_odot (systematic)}$, $^{+4.5}_{-2.3} {rm M_odot}$ (random) (68% confidence limits).