Media Player Classic does have it's own video renderers, however, which are responsible for scaling and colour conversion. It also has FFmpeg built in to decode

Media Player Classic does have it's own video renderers, however, which are responsible for scaling and colour conversion. It also has FFmpeg built in to decode some more popular formats without relying on system codecs. The washed out colour in that screenshot can probably be fixed by changing the video output method (to OpenGL/Direct2D/Direct3D) or changing the default luma range in the graphics card settings from 16-235 to 0-255.