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Might not change anything but if you haven't set process priority above normal in MPC, give it a shot. It's located in the main page of Player in the options. Does the red spike still occur if you play off a flash drive? Also do the frame drops still occur in exclusive mode?
Which splitter are you using? If you're not already running LAV filters I highly recommend you grab it.
If you're still having issues in MPC then try changing the CPU and GPU queue sizes for madVR in Potplayer and see if you can't get those frame drops sorted as it's not plagued by your CPU spike issue your drops could be related to your madVR config.
Also look at your flush settings, changing 'flush & wait (sleep)' to just 'flush' or even setting all options to 'don't flush or 'flush' for testing.
Even though you might not find Potplayer to be as comfortable to use getting a working system on that may be the easier solution right now until you can figure out where your CPU spike issue lies, just remove as much from the equation as you possibly can.
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