Proceed AVP2+6

The only way to use the 6 channel ins with the new lossless codecs would be to get a player that has the codecs built in and will pass them out the 7.1 analog outs. You would still only have 5.1 but you could combine the rear and sides with Y cables or internally possibly.

It will digitize the analog signal from the Blu-Ray player, process it and convert it back to analog for output. It is not an analog pass through. It may sound just fine but it won't preserve the original signal.