You are not alone with this bug. There are so many users reporting the same issue on a number of different sites.

I'm not sure if this issue is strictly 2K-related or Sony, or both. It seems to have started after Sony dropped the 1.6 system update in Feb (which kinda points the blame at Sony) however NBA 2K14 seems to be the only game affected, it's the only game I have with this audio bug (which redirects the blame back to 2K).

FWIW, I've contacted both Sony and 2K about it. Sony had me do some troubleshooting steps that included uninstalling the game, deleting its game data, entering safe-mode and reset something (can't recall what it was now) then re-install and test; that did not fix it. To his credit, before the Sony agent had me do the next step which was to reset the whole system from scratch (a very time-consuming process), he spoke to a colleague who was familiar with this bug and confirmed that the issue cannot be resolved by Sony troubleshooting but rather an update by 2K, and referred my case to 2K.

I opened a support ticket with 2K after I posted to their twitter account about the issue (I can't tell you how many re-tweets and favs I got but the number suggested to me that many, many users are experiencing this bug). 2K had me do a number of troubleshooting steps, including switching the audio out from HDMI to OPTICAL and disabling DDS/AAC and just using PCM but sadly that did not fix it either.

My case with 2K has been escalated to Tier 2 support but it's been about a week and haven't heard back yet.

I suspect that this will take either a Sony system update, a 2K game update, or both. I'm holding out hope that the Sony 1.7 system update coming next week might fix this. If it doesn't then it'll be up to 2K to issue a fix.

I suggest you contact 2K and open a support ticket on this (You must login or register to view this content.). The more they hear from people the more likely that they'll address it. It would be such a shame for this otherwise fantastic game to go unfixed.

Just a quick update. I finally got an email from 2K Tier 2 support about this issue, it sounds like 2K are working with Sony to resolve it (with an update of some sort to come, hopefully):

2K:
"Thank you for your continued patience and taking the time to report this bug to us.
We have reported this to the development team for further investigation and resolution. They are working closely with Sony to get this resolved. Sadly we currently do not have an estimated time on when this will be solved.
We apologize for any inconvenience this has caused."