I assume you mean that you see the bottom half of the image in the upper half of the screen and the top part of the image in the lower half with a horizontal black bar separating the two. If so, the framer knob needs to adjust the image either up or down. If shrinkage were the culprit I'd think that you'd have trouble getting the film to run through the projector in the first place. If it runs relatively smoothly and quietly then we're back to the framer.
I'm also thinking it must be something to do with the film. I cleaned the aperture plate and pressure shoe. Nothing changed. After I digitize this film I'll try another reel to see if it does the same thing. Thanks for your comments.