There is no sound on my (new) Lenovo T540p unless I kill sndiod.
My dmesg is at the bottom of this message.
I'm running -current. The problem existed with the previous -current as well.

Everything has been unmuted with the available mixerctl settings I have.
Also I have increased the sound level on outputs.master. I can't change
the values on inputs.dac-0:1 or inputs.dac-2:3. They stay fixed at 174,
for instance:

 ~ $  sudo mixerctl inputs.dac-0:1=200,200
inputs.dac-0:1: 174,174 -> 174,174

 ~ $  mixerctl inputs.dac-0:1=200,200
inputs.dac-0:1: 174,174 -> 174,174
inputs.dac-2:3: 174,174 -> 174,174

Putting these changes in /etc/mixerctl.conf doesn't change them either.
........................................
 ~ $  cat /etc/mixerctl.conf
# $OpenBSD: mixerctl.conf,v 1.1 2014/07/16 13:21:33 deraadt Exp $
#
# mixerctl(1) configurable parameters. See mixerctl.conf(5) for details.
#

# output volume value for most audio cards
outputs.master=200
#outputs.master=200,200
outputs.master.mute=off
outputs.spkr_mute=off
outputs.hp_mute=off
outputs.hp_boost=on
inputs.dac-0:1=200,200
inputs.dac-2:3=200,200

..........................................
I have been testing using a CD and "sudo cdio cdplay".
I get line showing the first track, and 0% (which just stays fixed).
If I kill sndiod, then repeating "sudo cdio cdplay" plays the CD just fine.

I have tried the following flags in /etc/rc.conf.local:
..........................................
 ~ $  cat /etc/rc.conf.local
sshd_flags=NO
apmd_flags="-A"
ntpd_flags=
sndiod_flags=NO
# sndiod can be bypassed by using rsnd/0 as audio device instead of default one
# doesn't work either: sndiod_flags="-f rsnd/0"
# sndiod_flags="-c 0:3" -> needed to kill sndiod before get sound
multicast_host=YES
pkg_scripts=dbus_daemon avahi_daemon
............................................

(1)     sndiod_flags="-c 0:3"
        This was my first try, after killing sndiod and starting it again.

(2)     sndiod_flags="-f rsnd/0"
        No sound. Same as before

Both of the above: Kill sndiod and repeat "sudo cdio cdplay" works.

Example with sndio_flags="-f rsnd/0" in /etc/rc.conf.local:
............................................

 ~ $  sudo cdio cdplay
track 1 'a' 00000001/00026205   0%^C

 ~ $  sudo /etc/rc.d/sndiod stop
sndiod(failed)

 ~ $  sudo /etc/rc.d/sndiod stop
sndiod(ok)

 ~ $  sudo cdio cdplay
track 1 'a' 00001505/00026205   5%^C

 ~ $

dmesg follows (dmesg.boot is the same)
............................................
OpenBSD 5.7-current (GENERIC.MP) #895: Wed Mar 18 18:55:03 MDT 2015
    [email protected]:/usr/src/sys/arch/amd64/compile/GENERIC.MP
real mem = 3948224512 (3765MB)
avail mem = 3824623616 (3647MB)
mpath0 at root
scsibus0 at mpath0: 256 targets
mainbus0 at root
bios0 at mainbus0: SMBIOS rev. 2.7 @ 0xdcd2d000 (66 entries)
bios0: vendor LENOVO version "GMET69WW (2.17 )" date 01/12/2015
bios0: LENOVO 20BE004EUS
acpi0 at bios0: rev 2
acpi0: sleep states S0 S3 S4 S5
acpi0: tables DSDT FACP SLIC DBGP ECDT HPET APIC MCFG SSDT SSDT SSDT SSDT SSDT SSDT SSDT PCCT SSDT TCPA UEFI MSDM ASF! BATB FPDT UEFI acpi0: wakeup devices LID_(S4) SLPB(S3) IGBE(S4) EXP2(S4) EXP3(S4) XHCI(S3) EHC1(S3) EHC2(S3)
acpitimer0 at acpi0: 3579545 Hz, 24 bits
acpiec0 at acpi0
acpihpet0 at acpi0: 14318179 Hz
acpimadt0 at acpi0 addr 0xfee00000: PC-AT compat
cpu0 at mainbus0: apid 0 (boot processor)
cpu0: Intel(R) Core(TM) i5-4300M CPU @ 2.60GHz, 2594.34 MHz
cpu0: FPU,VME,DE,PSE,TSC,MSR,PAE,MCE,CX8,APIC,SEP,MTRR,PGE,MCA,CMOV,PAT,PSE36,CFLUSH,DS,ACPI,MMX,FXSR,SSE,SSE2,SS,HTT,TM,PBE,SSE3,PCLMUL,DTES64,MWAIT,DS-CPL,VMX,SMX,EST,TM2,SSSE3,FMA3,CX16,xTPR,PDCM,PCID,SSE4.1,SSE4.2,x2APIC,MOVBE,POPCNT,DEADLINE,AES,XSAVE,AVX,F16C,RDRAND,NXE,PAGE1GB,LONG,LAHF,ABM,PERF,ITSC,FSGSBASE,BMI1,AVX2,SMEP,BMI2,ERMS,INVPCID
cpu0: 256KB 64b/line 8-way L2 cache
cpu0: smt 0, core 0, package 0
mtrr: Pentium Pro MTRR support, 10 var ranges, 88 fixed ranges
cpu0: apic clock running at 99MHz
cpu0: mwait min=64, max=64, C-substates=0.2.1.2.4, IBE
cpu1 at mainbus0: apid 1 (application processor)
cpu1: Intel(R) Core(TM) i5-4300M CPU @ 2.60GHz, 2594.00 MHz
cpu1: FPU,VME,DE,PSE,TSC,MSR,PAE,MCE,CX8,APIC,SEP,MTRR,PGE,MCA,CMOV,PAT,PSE36,CFLUSH,DS,ACPI,MMX,FXSR,SSE,SSE2,SS,HTT,TM,PBE,SSE3,PCLMUL,DTES64,MWAIT,DS-CPL,VMX,SMX,EST,TM2,SSSE3,FMA3,CX16,xTPR,PDCM,PCID,SSE4.1,SSE4.2,x2APIC,MOVBE,POPCNT,DEADLINE,AES,XSAVE,AVX,F16C,RDRAND,NXE,PAGE1GB,LONG,LAHF,ABM,PERF,ITSC,FSGSBASE,BMI1,AVX2,SMEP,BMI2,ERMS,INVPCID
cpu1: 256KB 64b/line 8-way L2 cache
cpu1: smt 1, core 0, package 0
cpu2 at mainbus0: apid 2 (application processor)
cpu2: Intel(R) Core(TM) i5-4300M CPU @ 2.60GHz, 2594.00 MHz
cpu2: FPU,VME,DE,PSE,TSC,MSR,PAE,MCE,CX8,APIC,SEP,MTRR,PGE,MCA,CMOV,PAT,PSE36,CFLUSH,DS,ACPI,MMX,FXSR,SSE,SSE2,SS,HTT,TM,PBE,SSE3,PCLMUL,DTES64,MWAIT,DS-CPL,VMX,SMX,EST,TM2,SSSE3,FMA3,CX16,xTPR,PDCM,PCID,SSE4.1,SSE4.2,x2APIC,MOVBE,POPCNT,DEADLINE,AES,XSAVE,AVX,F16C,RDRAND,NXE,PAGE1GB,LONG,LAHF,ABM,PERF,ITSC,FSGSBASE,BMI1,AVX2,SMEP,BMI2,ERMS,INVPCID
cpu2: 256KB 64b/line 8-way L2 cache
cpu2: smt 0, core 1, package 0
cpu3 at mainbus0: apid 3 (application processor)
cpu3: Intel(R) Core(TM) i5-4300M CPU @ 2.60GHz, 2594.00 MHz
cpu3: FPU,VME,DE,PSE,TSC,MSR,PAE,MCE,CX8,APIC,SEP,MTRR,PGE,MCA,CMOV,PAT,PSE36,CFLUSH,DS,ACPI,MMX,FXSR,SSE,SSE2,SS,HTT,TM,PBE,SSE3,PCLMUL,DTES64,MWAIT,DS-CPL,VMX,SMX,EST,TM2,SSSE3,FMA3,CX16,xTPR,PDCM,PCID,SSE4.1,SSE4.2,x2APIC,MOVBE,POPCNT,DEADLINE,AES,XSAVE,AVX,F16C,RDRAND,NXE,PAGE1GB,LONG,LAHF,ABM,PERF,ITSC,FSGSBASE,BMI1,AVX2,SMEP,BMI2,ERMS,INVPCID
cpu3: 256KB 64b/line 8-way L2 cache
cpu3: smt 1, core 1, package 0
ioapic0 at mainbus0: apid 2 pa 0xfec00000, version 20, 24 pins
acpimcfg0 at acpi0 addr 0xf8000000, bus 0-63
acpiprt0 at acpi0: bus 0 (PCI0)
acpiprt1 at acpi0: bus -1 (PEG_)
acpiprt2 at acpi0: bus 3 (EXP1)
acpiprt3 at acpi0: bus 4 (EXP2)
acpiprt4 at acpi0: bus 5 (EXP3)
acpiprt5 at acpi0: bus -1 (EXP6)
acpicpu0 at acpi0: C1, PSS
acpicpu1 at acpi0: C1, PSS
acpicpu2 at acpi0: C1, PSS
acpicpu3 at acpi0: C1, PSS
acpipwrres0 at acpi0: PUBS, resource for XHCI, EHC1, EHC2
acpipwrres1 at acpi0: NVP3, resource for PEG_
acpipwrres2 at acpi0: NVP2, resource for PEG_
acpitz0 at acpi0: critical temperature is 200 degC
acpibtn0 at acpi0: LID_
acpibtn1 at acpi0: SLPB
acpibat0 at acpi0: BAT0 model "45N1147" serial   813 type LION oem "LGC"
acpiac0 at acpi0: AC unit online
acpithinkpad0 at acpi0
cpu0: Enhanced SpeedStep 2594 MHz: speeds: 2601, 2600, 2500, 2300, 2200, 2100, 2000, 1800, 1700, 1600, 1400, 1300, 1200, 1100, 900, 800 MHz
pci0 at mainbus0 bus 0
pchb0 at pci0 dev 0 function 0 "Intel Core 4G Host" rev 0x06
vga1 at pci0 dev 2 function 0 "Intel HD Graphics 4600" rev 0x06
intagp at vga1 not configured
inteldrm0 at vga1
drm0 at inteldrm0
error: [drm:pid0:i915_write32] *ERROR* Unknown unclaimed register before writing to 100000
inteldrm0: 1920x1080
wsdisplay0 at vga1 mux 1: console (std, vt100 emulation)
wsdisplay0: screen 1-5 added (std, vt100 emulation)
azalia0 at pci0 dev 3 function 0 "Intel Core 4G HD Audio" rev 0x06: msi
azalia0: No codecs found
xhci0 at pci0 dev 20 function 0 "Intel 8 Series xHCI" rev 0x04: msi
usb0 at xhci0: USB revision 3.0
uhub0 at usb0 "Intel xHCI root hub" rev 3.00/1.00 addr 1
"Intel 8 Series MEI" rev 0x04 at pci0 dev 22 function 0 not configured
puc0 at pci0 dev 22 function 3 "Intel 8 Series KT" rev 0x04: ports: 1 com
com4 at puc0 port 0 apic 2 int 17: ns16550a, 16 byte fifo
com4: probed fifo depth: 0 bytes
em0 at pci0 dev 25 function 0 "Intel I217-LM" rev 0x04: msi, address 54:ee:75:45:d2:17 ehci0 at pci0 dev 26 function 0 "Intel 8 Series USB" rev 0x04: apic 2 int 16
usb1 at ehci0: USB revision 2.0
uhub1 at usb1 "Intel EHCI root hub" rev 2.00/1.00 addr 1
azalia1 at pci0 dev 27 function 0 "Intel 8 Series HD Audio" rev 0x04: msi
azalia1: codecs: Realtek ALC292
audio0 at azalia1
ppb0 at pci0 dev 28 function 0 "Intel 8 Series PCIE" rev 0xd4: msi
pci1 at ppb0 bus 3
rtsx0 at pci1 dev 0 function 0 "Realtek RTS5227 Card Reader" rev 0x01: msi
sdmmc0 at rtsx0
ppb1 at pci0 dev 28 function 1 "Intel 8 Series PCIE" rev 0xd4: msi
pci2 at ppb1 bus 4
iwm0 at pci2 dev 0 function 0 "Intel Dual Band Wireless AC 7260" rev 0x83, msi
ppb2 at pci0 dev 28 function 2 "Intel 8 Series PCIE" rev 0xd4: msi
pci3 at ppb2 bus 5
ehci1 at pci0 dev 29 function 0 "Intel 8 Series USB" rev 0x04: apic 2 int 23
usb2 at ehci1: USB revision 2.0
uhub2 at usb2 "Intel EHCI root hub" rev 2.00/1.00 addr 1
pcib0 at pci0 dev 31 function 0 "Intel QM87 LPC" rev 0x04
ahci0 at pci0 dev 31 function 2 "Intel 8 Series AHCI" rev 0x04: msi, AHCI 1.3
ahci0: port 0, at 3Gbps
ahci0: port 5, at 1.5Gbps
scsibus1 at ahci0: 32 targets
sd0 at scsibus1 targ 0 lun 0: <ATA, APPLE HDD HTS547, JE4A> SCSI3 0/direct fixed naa.5000cca6e0c8270d
sd0: 715404MB, 512 bytes/sector, 1465149168 sectors
cd0 at scsibus1 targ 5 lun 0: <HL-DT-ST, DVDRAM GU90N, LU20> ATAPI 5/cdrom removable ichiic0 at pci0 dev 31 function 3 "Intel 8 Series SMBus" rev 0x04: apic 2 int 18
iic0 at ichiic0
isa0 at pcib0
isadma0 at isa0
pckbc0 at isa0 port 0x60/5
pckbd0 at pckbc0 (kbd slot)
pckbc0: using irq 1 for kbd slot
wskbd0 at pckbd0: console keyboard, using wsdisplay0
pms0 at pckbc0 (aux slot)
pckbc0: using irq 12 for aux slot
wsmouse0 at pms0 mux 0
wsmouse1 at pms0 mux 0
pms0: Synaptics clickpad, firmware 8.1
pcppi0 at isa0 port 0x61
spkr0 at pcppi0
uhidev0 at uhub0 port 3 configuration 1 interface 0 "Microsoft Microsoft 3-Button Mouse with IntelliEye(TM)" rev 1.10/3.00 addr 2
uhidev0: iclass 3/1
ums0 at uhidev0: 3 buttons, Z dir
wsmouse2 at ums0 mux 0
ugen0 at uhub0 port 11 "Intel product 0x07dc" rev 2.00/0.01 addr 3
uhub3 at uhub1 port 1 "Intel Rate Matching Hub" rev 2.00/0.04 addr 2
uhub4 at uhub2 port 1 "Intel Rate Matching Hub" rev 2.00/0.04 addr 2
sdmmc0: can't enable card
vscsi0 at root
scsibus2 at vscsi0: 256 targets
softraid0 at root
scsibus3 at softraid0: 256 targets
root on sd0a (5dc9022d68fe6478.a) swap on sd0b dump on sd0b
iwm0: hw rev: 0x140, fw ver 25.228 (API ver 9), address 5c:c5:d4:cb:ee:36
syncing disks... done
rebooting



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