No solution yet but an update. I recreated this on a second computer so I now think it’s unlikely its a failing graphics card.
It seems to happen when mixing resolution – I have 720 and 1080 in one multicam.
It occurred after I changed the project from 1080 to 720 with the multicam already in the project and then changed the spatial conform to none.
Switching the angle viewer from a 4 up to a 9 up fixed it, but going back to 4 brings back the smeariness or a zoomed in version of the clip.
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