A couple of clarifications on terminology:
1. If the receiver specs say it has 24/96 dacs (digital to analog converters), it means that is the maximum sampling rate is can process. It does not mean that all audio is processed at 24/96. A 16/44.1 CD will still be processed as 16/44.1.
Note: the first number is the bit depth and the second number is the sampling frequency. So 24/192 means there are 192,000 24-bit samples for every second of audio per channel.
2. Optical and Coax digital audio cables can theoretically carry any bit depth at any sampling frequency. It is not the cable itself that is limited but rather the s/pdif inteface and data format that limits it to 16/48. Compressed formats like Dolby Digital and DTS can be carried too.
3. '124 kHz/24p' looks like a combination of a bit depth/sampling frequency number but is neither.

Lossless audio is often 24/192 as in 24-bit/192 kHz but the 'p' on the end would only be used to specify a progressive scan video resolution. A 1080p LCD TV, for example, that supports a 24 Hz refresh rate could be described as 1080p/24.
4. If the receiver only has 24/96 dacs, it cannot process anything higher than that and the s/pdif connection you are using (via the optical cable) cannot transmit multi-channel high-resolution audio. The only way to get any sound is to have the BD player set to output PCM, in which case it will downsample 5.1 to 2 channel stereo and your receiver can play that.