The D7200 is a brand-new camera that didn't get released in time to have support in the last Camera Raw update. So it will be necessary to wait for the next one. Adobe doesn't publish timetables or make such announcements. So you will just have to wait to see when the support comes.
Lightroom reply to me asking the same question was: ' stay tuned'.....
no more answer after me asking how long I have to 'stay tuned'
One way to look at this situation is that it is probably good that Lightroom 6 hasn't been released. This would seem to increase the possibility that the D7200 will be included when Lightroom 6 is released. Otherwise, it might even be a longer period of time before you would get support for the NEF files from the camera.
There are a lot of people anxiously awaiting Lightroom 6. I will welcome it when it arrives, but it isn't hurting me right now because I'm using older Nikon cameras that are fully supported in Lightroom 5.7.1. I realize how frustrating it must be for those of you who are purchasing new cameras.
Go to Nikonusa homepage...there is a free software download called Capture ND-2...I used it a few minutes ago and it will process and convert D7200 NEF files....took all day to find it...spread the word...
I have heard that Adobe will support the 7200 in full and that it's only a matter of time. It seems, if what I was told is true, that even stand alone (non-subscription) versions of CS6 will also receive this updated support for the 7200. Now of course this was in response to a question I posted on their Facebook page but I feel it's probably legit. I think these big companies take their social media presence fairly seriously. And then again it could have been a teenager skipping school that was responding for all I know. Anyhow here's what I'm doing until said support shows up. Seems to work well and I still have access to all my tools.
I use Nikon's Capture NX-D which I downloaded for free from Nikon's site. Easy install and reads the 7200's RAW files just fine. It's a bit clunkier to me than CameraRAW but that could just be a learning curve/familiarity issue more than anything. Capture seems to do an okay job of processing the RAW files and most of the familiar tools are there but honestly I've done very little RAW editing with the software. Instead what I do is make sure the image is not too far off in any particular direction but is instead fairly well exposed. If not perfectly, right? From there I use the NX-D to convert the RAW file to a TIF as has been suggested by others. Then I open Adobe Bridge CS6 and point it at the folder containing these newly created TIFs. Once those Tifs are up on the board in Bridge I right click on the one I want to work with and instruct the software to 'open in CameraRAW' and viola! My TIF is now open in CameraRAW and I can use all the tools as if I were working with a DNG or NEF. Once to this point the workflow goes back to normal.