
The wave section nearest the Scout is showing vsmoke.tga the way you would expect, but the rest of the ring appears to be using a different texture altogether. At first I thought the ring was horribly stretching the texture but you can see that the light and dark sections don't match up.
Below are the exact settings used to take that screenie. I don't know if this is a bug or just something I messed up, so feedback would be helpful.

[Ring]
simulateBase = "sim_smoke"
lifeTime = 20.2
renderBase = "draw_wave"
textureName = "vsmoke.tga"
textureBlend = "one one modulate"
startColor = "255 255 63 255"
finishColor = "255 127 30 0"
startRadius = 6.0
finishRadius = 20
animateTime = 20.2
waveAngle = 3.14159
waveDepth = 0.5
waveSegments = 32