I had similar problems with older BSplayer 1.00.810 (http://forum.bsplayer.org/viewtopic.php?t=5354), but with new BSplayer 1.02.812 I don't have these problems (maybe you have older version?).

My advice for watching movies on TV:
- use single display mode (only TV or PC-monitor works);
- set some hotkey for switching between TV and PC-monitor (for your graphic card);

In these case, with Overlay mode (in BSplayer) you can put subtitles in "black part" (without using VMR-9 renderless mode) having better picture quality.

Overlay mode:



VMR-9 renderless mode: