Interesting read: http://www.pcper.com/reviews/Editorial/Look-Reported-G-Sync-Display-Flickering
It seems to me that simply lowering the 33ms forced refresh would solve the problem but who knows what else lurks behind the scenes.
Completely stopping the panel refresh would result in all TN pixels bleeding towards white, so G-Sync has a built-in failsafe to prevent this by forcing a redraw every ~33 msec. What you are seeing are the pixels intermittently bleeding towards white and periodically being pulled back down to the appropriate brightness by a scan.
It seems to me that simply lowering the 33ms forced refresh would solve the problem but who knows what else lurks behind the scenes.