Thanks for that very informative reply! It promted me to do some digging which solved the problem. As it turned out, my DVD changer has some video EQ settings that I forgot about. I had adjusted them for my 43" Toshiba RPTV(6 years old). Well, after tweaking things accordingly for the PJ, no more ringing(not to be confused with ghosting). Thanks again for the advice.
P.s. - These adjustments are just in time for a LOTR marathon weekend we are hosting for my friends who are fellow ringheads
!