I do not have an HDMI receiver and would rather not incur the cost of getting one as long as my current receiver works. What does this mean in terms of getting a Blu-ray player? Will I be able to get audio (just not the best audio) from any player?

It depends on the capabilities of your current receiver and your player. For instance, a PS3 can only output 6.1 using HDMI, 5.1 max using optical output and less from there. That said it is most likely that your Blu-ray player's output capability will easily be able to produce better than your receiver is capable of handling.

If you're concerned about having the best audio output in the future when you decide to replace your receiver, make sure your player can support DTS-HD MA and TrueHD tracks.

There's also a chance your current receiver may be able to support loseless tracks - IF it has analog outs. of course, the Blu Ray player you buy needs to have analog outs as well. Check this thread out from blu-ray.com. It'll give you a good idea whether or not your current receiver may have the capability. Worked for me, I realized my receiver can play 5.1 lossless.

http://forum.blu-ray.com/showthread.php?t=17648

Blu-ray Audio Explained

The receiver would need 5.1 analog inputs, not outputs.

In other words, Blu-ray player with onboard decoding of lossless formats --> to analog inputs of receiver.