More Salary Cap Room
Before starting a new franchise, go to "Roster Mangement". Release your highest
paid players to the Free Agent Pool. For example, if you are the Knicks, release
Spreewell, Houston, etc. This also works for any team in the game, so you could
release Jordan from the Wizards, Shaq from the Lakers, etc. Start a new
franchise, and go to the "Roster Management" screen. Select "Sign Free Agents"
and you can now sign your high priced players back to your team for the league
To get the effect of Iverson's arm band, select all arm bands in create a player
mode. It will look like Iverson's arm band/sleeve.
Although Michael Jordan is not in the game by default, you can create him and the
announcer will say his name whenever he does something.