You didn't mention it specifically, but I'll bet dimes-to-doughnuts that you've "hacked" your GPU to enable hardware MPE... right? Welcome to the Matrix...
This is the result of 32-bit linear color processing, brought to us by virtue of hardware MPE.
The only remedy is to not use hardware MPE; I leave it on for editing and disable it for final export. That, of course, comes with major trade-offs.
When you're done, file a feature request for an option to disable 32-bit linear color processing here: Adobe - Feature Request/Bug Report Form
Actually this happens no matter what, and long before I tried any sort of Hack. I was operating only on software MPE and it did the same thing. I was hoping the hack might solve it, but no avail. It's been consistent throughout with this problem.
I will look at your link and try it and report my findings. I appreciate the fast response! Thanks!
Well I'll be a Son of a B****..... MONTHS and you got it.
In my program monitor I see the effects running fine in preview, no dropoffs. I did an export with the MRQ off, but checked Max Bit Depth on in both 24-bit and 32-bit (tried 2 bit depths to see if there was a change in behavior), but the cross dissolves exported perfectly on both!
The Maximum Render Quality is a misconception if that's what your report findings were. That setting comes off as a maximum quality of rendering and not saying anything about "Use Hardware Engine" to export or software. My though is who WOULDN'T want maximum rendering quality?! That's why I never unchecked it!
Your suggestion worked though and my video quality appears exactly the same, only now with all my transitions actually working the way they are supposed to. The wait time to render is just the same too. Have no problems now.
Dude, you're the man. I've been struggling with this since August.
THANK YOU SO MUCH. I'm filing a report with this. This is ridiculous in all my years of Premiere troubleshooting. WOW......