"mike-drop" should be "mic-drop"
kind of like bicycle and bike
mike is, sometimes, but 'mike drop' for 'mic drop', not so much. But for even more pedantry, that would be spelling rather than grammar pedantry.
We exchange and learn new words primarily by hearing them, and I'll bet "drop the mike" was first uttered out loud by a comedian/entertainer type, and to say that it even had a spelling is an unjustified leap.