Light tunnel distortion

Duplicate the layer. Add the Reshape effect to the new layer. Create one mask the shape you want to stay static, duplicate this mask and then extend it beyond the edges of your comp using free transform.

In the Reshape effect, drag the slider to reshape the pixels from one shape to the other. You can mask this layer to reveal the original beneath.

Another option could be to create a masked version of your image with two circles so that it’s basically a ring of 1 pixel thick. Then precompose it and animate it sCaking. Then precompose this and apply the Echo filter to it, choosing above ( or below) as The comp method. Adjust the echo time to suit.

need to check these as not in front of AE right now but they should work.

AE doesn't have an identical built-in effect, but you could easily create it using a duplicate of your layer, some contrast adjustments and using one of the radial blur effects followed by masking out thge center.

Mylenium