Hold R2 + L1 + L2 and press Triangle, Circle, Square at the player creation screen.
Go to the 80's Legend team and hold R1 + R2 + L1 + L2 then press Square(3), Circle(4), Triangle, X(2), Select. Then, go to exhibition mode and press L2 for "Rewards". A reward titled "Legends" will be now be available. Enable it, exit exhibition mode, then go into "Rosters". Take Kareem Abdul-Jabbar off free agents and put him on a team. Then, go back into exhibition mode and start a game. Kareem Abdul-Jabbar should be on the team you placed him on.
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.
Hint: Boost Super Star stats:
Press Circle at the main menu to display the active menu. Select the "Roster" option, then "Edit Player". If your "Create A Player" list has no entries a Super Star player will appear . Press R2 at the edit player screen to increase his stats. Press L2 to return to the "Create A Player" list, then press Start to change to another player.
Hint: 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 Washington, Shaq from the Lakers, etc. and build a super team for the league minimum. 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 minimum.
Hint: Iverson's armband:
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.
Hint: Fake spin move:
Press Triangle, then in the middle of the spin, press Circle to shoot the ball. This looks the best with Jordan, Carter and Kobe.
Cheat Menu [Submitted by:Ridge]
Select options mode and then select gameplay. Hold D-pad Left + Left analog stick right and then press start. Go back to options menu and codes menu will be available.
More Teams [Submitted by:Ridge]
Type in "Megastars" in codes menu.