Rbaker, I have some ideas but need more info.
Is the player a Sony BDP-S5200?
Receiver has no digital inputs, coaxial or optical?
TV - brand, model, age, or anything you can provide?
Initial thought for a very cheap solution, assuming receiver has no digital inputs, HDMI from player to the TV, player menu set to PCM as you said, then use player's digital output to this DAC,
http://www.parts-express.com/fiio-d03k-coaxial-optical-dac-digital-analog-converter--230-120
then the DAC's L&R analog out to the receiver. Obviously, a better DAC would improve the sound, however this one is probably as good as the one in the older DVD player, if it was a lesser priced model.