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Clear a ton of Salary Cap room:
Before starting a new franchise:
1. Go to "Roster Mangement"
2. Release your highest paid players to the Free Agent Pool. (ie. if you are the Knicks, release Spreewell, Houston... this also works for any team in the game, so you could release jordan from washington, Shaq from the lakers... and build a super team for the league minimum.)
3. Start a New Franchise, and go to the Roster Managment.
4. Choose to "Sign Free Agents"
5. You can now sign your high priced players, back to your team for the League Minimum

Increase Super Star stats
At the main menu, press Circle to access the active menu. Select "Roster", then "Edit Player". A Super Star player will appear if your "Create A Player" list has no entries. Press R2 to increase the player's stats at the edit player screen. To choose a different player, press L2 to return to the "Create A Player" list. Then, press Start and change to another player.