Although Michael Jordan isn't on the game by default, you can create him and the announcer will say his name whenever he does something.
At the create a player screen, hold R2 + L1 + L2 and push Triangle, Circle, Square
Use fake spin move:
Push Triangle, then in the middle of the spin, press Circle to shoot the ball.
Boost Super Star stats:
Push 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.
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.
Get more salary cap room for franchise mode:
Before starting a new franchise, go to "Roster Mangement". Release your highest paid players to the Free Agent Pool. 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.