If you want to find out the real problem, you have to start by doing a compression test. An educated guess would be that your head gasket is gone, and if you're mechanically inclined, wouldn't be too hard to do on an MPFI. Now the thing is that in order to make sure it's not a piston ring or valve seal, you're going to have to also do a leakdown test when you do the compression test. That would give you a better idea to what's going on. I know someone stated you might need a new head but if you can salvage the engine, it would be the cheapest option.