You can use a BluRay player with an onboard DAC and multi-channel analog outputs.
An Oppo BDP-103 or BDP-105 have such analog outputs which allow to playback SACD, DVD-A, Dolby true-HD and DTS HD-master on any non-HDMI receiver that has 6 ch or 8 ch analog inputs. You hook the video strait to TV, and can even connect an extra HDMI device into the Oppo's front HDMI input, and have that device's video bridged while the sound is output decoded by the Oppo's DAC and the sent to the receiver via analog transport.
Settings for down-mixing multi-channel sound streams to stereo are present, and though I have not used them, I'll assume they work for receivers with 2 ch only.
My case is a good example:
In the living room my receiver does not support SACD's output, DSD bitstream, nor DVD-A's MLP, but using an Oppo BDP-103, the image is sent to the AVR's output, and the audio can be decoded by the onboard DAC and sent to the AVR's analog inputs, so I get un-transcoded and unadulterated sound.
I'm also using an older, non-HDMI, multi-channel receiver in the bedroom for SACDs; using a player with HDMI video strait to TV and a onboard DAC with analog multi-channel transport to AVR for sound.
This entails purchasing a premium BluRay device, but It does allow you to keep using your older receiver. I've found it is cheaper to switch to a premium player with onboard DACs and keep my AVRs. Your mileage may vary specially if using a stereo only system, and also depending on the player you use, but that's a decision for you to take...