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.

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.

Custom Shoes
At the player creation screen, hold R2 + L1 + L2 and press Triangle, Circle, Square.

Kareem Abdul-Jabbar
Go to the 80's Legend team and hold L1 + L2 + R1 + R2, then press Square(3), Circle(4), Triangle, X(2), and Select. Go to exhibition mode and press L2 for "Rewards". The reward "Legends" will now be available. Enable it, exit exhibition mode, and then enter the "Rosters" screen. Take Kareem Abdul-Jabbar off free agents and put him on a team. Start a game in exhibition mode. Kareem Abdul-Jabbar should be on the team you placed him on.

Michael Jordan
Michael Jordan is not in the game at all but you can create a player and name him Michael Jordan. The announcers will say his name.

Iverson's Armband
To get Iverson's arm band, select all arm bands in create a player mode. It will look like Iverson's arm band/sleeve.