There is *no* problem with AS5. It does very well in various reviews. That said, I don't think your choice of TIM is the problem.
Like the first guy, I see a *BIG* problem with the lid on your card. It looks like "Dolly Parton" with two high spots and a low spot in the middle. If this is true to the surface, no TIM is going to help you fully.
Too much TIM is also a problem. You only want to use enough that when you install the heat sink, the TIM just covers the GPU/CPU. Too much and you loose conductivity of heat.
I like to place a small amount in the middle and let the Heat sink spread it out as I tighten it down. This pushes air out and provides for complete and even coverage.
We tested this at work. We carefully spread the TIM with a credit card and had a nice even smooth layer. It looked great. When that machine had a heat event, we looked everything over and tried the rice grain size of TIM in the middle. Machine lasted years without any heat issue at all. Many other reviews and articles support this view.