Render Problem - Vegas Pro 13
 

I've done a bit of VHS to DVD in the past, but it's been a while and I've evidently forgotten something. I upgraded Vegas to Pro 13 a few months ago and now seem to be creating some issues with it. All I'm trying to do is to edit the capture footage to put in a lead in/out, remove commercials, etc.

Here's a snippet of the capture:

https://app.box.com/s/nrc43seald9eqdbiaak5s6w19ebj5jj8

And here's the result after no editing in this case, but just rendering it as NTSC DV:

https://app.box.com/s/9rugvqvh1eh7b98ov8uqygyma0tf8za0

The problem is particularly apparent in the background on the pizza spot at the end that the local station apparently inadvertently punched up. Any help in pointing out what I'm sure should be obvious to me is appreciated.