Why does my imported video look like an acid trip?

[Mark-Joseph256192288ks1]

I imported two video files I recorded during a Zencastr call. The first one imported fine, the second has really distorted colors. I attached a screenshot. I'm working off of a Macbook pro with the M1 Pro Chip. Any ideas what's wrong? Would it be a framerate issue? (The clip that's fine is 29.91 fps, while the one in question is 29.94 fps)

[Ann Bens]

The footage is variable framerate, convert to constant framerate and an edit friendly codec with Shutter Encoder before bringing into Premiere.

See how that goes.