Looking in a old thumb drive, I found this application that I had forgotten about which is very handy. In WMP 32bit is set to default and WMP will not read .srt files which is very uncool. This plug-in makes WMP 64bit your default without registry changes and will read/show .srt subtitles.
It's a background plug-in--not a filter--so it imposes no performance overhead.
It does not interfere with the Media Foundation pipeline.
It positions subtitles underneath the video frame (instead of overlaying text over video content.