There are dozens of ways to do this.
One way is to first create a separate piece on the timeline that is about ten seconds long and is just a dissolve from one vignetted color solid to another and back. Re-time this to run super-fast, export it into a stand-alone segment. Treat it like a stock footage clip. You can add some aged film fx to this if you like.
Create a dissolve between your two shots on track 1. Lay your treated color transition across the transition on track 2 above it. Play with opacity and put dissolves on the front and back of that.
The color change in the flash represents what happens to real film running thru the gate of the movie camera. When a cameraman lets his finger off the trigger, the motor stops getting electricity, but the reels are spinning and have some momentum, so film is still being drawn thru the gate/shutter for another second or so. But it is decelerating as it does, so each frame is getting exposed for slightly longer amounts of time, until it stops on one frame that gets burned all the way to white, and after processing, this equates to an increasing brightness going into over-exposure, plus a color shift into orange-yellow-white. At the same time, those frames are going to seem to accelerate any motion in the frame, because objects are still moving normally, but the film is capturing less time between frames.
So, the underlying transition *should* show the outgoing fooage speed up over the last 30 frames going into the transition, if your goal is to accurately model the physics of what goes on in a real film camera to get this effect.
You could also just buy stock footage of these film damage artifacts:-)