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If you're using MPlayer 1.2 you are encouraged to upgrade.
It also includes all the enhancements and speed-ups from FFmpeg; check their changelog if you are curious about the details.
I recommend Mac OSX users to use command line MPlayer, VLC or mpv for osx MPlayer 1.3.0 "worksforme" is out. MPlayer 1.3.0 is compatible with the FFmpeg 3.0.x releases and (at the time of writing) with FFmpeg git.
The tarball already includes a copy of FFmpeg 3.0, so you don't need to fetch it separately.
MPV player, a fork of MPlayer, wants to relicense the code it uses from MPlayer as LGPL.
If you are an MPlayer developer and have not yet given permission, please visit MPV's bug https://github.com/mpv-player/mpv/issues/2033.