Here, we are required to decipher or decode the pattern.

ZERO is written as CHUR. We can see that the underlying pattern is very simple, as shown below:

$Z+3=C$ $E+3=H$ $R+3=U$ $O+3=R$

We will follow a similar pattern to code PLAYER.

$P+3=S$ $L+3=O$ $A+3=D$ $Y+3=B$ $E+3=H$ $R+3=U$

So, the required code is SODBHU.

Hence, option (D) is correct.