I can’t see the video (download is too slow), but I would assume that it has very fast changing imagery. An efficient codec relies on many adjacent frames being very similar to each other. It takes advantage of this and creates intra-frames that only contain the “differences” that have occurred since the last I frame. I frames are whole frames (think JPEG frames). Since your video has very different images on each frame for a long sequence of images (I assume), this is creating havoc in the codec as it can’t reliably recreate the intra-frames given the limited bandwidth available to it.
A multi-pass encode will do a first pass where it finds these “clumps” of demanding video compression and on the second pass it can then intelligently prepare for the data burst that is coming in the future by preserving some of the bandwidth ahead of time. It allows the encoder to better balance the data needs across the entire video. You should always use multi-pass when quality is the priority (vs. render time).
You may want to play with the Key Frames Every x frames setting. Try every 1 frame. These are the I frames, and if your videos is nothing but I frames, then you don’t have intra-frames. The file may be too big in the end (or it may sacrifice spatial compression to make up for the increased temporal compression), but you can try different settings to see if this helps. You can also try disabling Frame Reordering, as this will disable B frames. However, this contradicts the nature of your fast changing video, so I doubt this will be an improvement as you want to take advantage of the ability to reorder the frames for playback efficiency.
Under Entropy Mode, try CAVLC if you think the TV processor is the issue. CAVLC requires considerably less processing to decode than CABAC.
And set the render speed to Maximum. There is no advantage to lowering this other than if you plan on using the computer for other things while rendering.