Abstract— Contrast limits are investigated for MacNeille‐PBS‐based LCOS projection systems that use retarder stack filters (RSFs). The two contributing factors are considered separately; namely, the color‐management system and the panel port. To enhance performance of the former, skew‐ray‐compensated RSFs are introduced. For the latter, a general three‐step methodology is presented to optimize contrast by compensating the LCOS panel. It is shown that the orientation of the LCOS panel and compensator, relative to the MacNeille PBS, is critical. The significant impact of AR‐coating performance on system contrast is also revealed. Methods to enhance ANSI contrast are proposed. A high‐contrast architecture will be presented by way of example.