Anyway to directplay?

[TheDreadPirate]

In the jellyfin log there is a field called "TranscodeReason" that will tell you why it is transcoding. The most common reasons are

1. The client isn't compatible with codec (unlikely with H264 and AAC)
2. Your subtitles are embedded, the client doesn't support embedded subtitles, and you didn't enable subtitle extraction. The server will burn in the subs in this case, which requires transcoding.
3. You set a really low max bit rate and your content always exceeds that.

Regardless, upload your logs to pastebin and link it here. Both the jellyfin logs and the ffmpeg logs.