Fantasy draft
Do not draft a running back because Reggie Bush will not be selected until the ninth round. You can choose him late and he will be very good. If you do the highlight stick, he is unbeatable. As for your first draft pick, pick a quarterback. Make sure he is ranked at least 94 overall. Even a perfectly created quarterback will not get you Brady Palmer or Peyton Manning.
In the first round if you cannot get your desired QB or there is no one better than a 90 overall, take Champ Bailey. In the second round, take Steve Smith or any of the top WR desired. In the third round, take Polamalu or Steve Hutchinson. In the fourth round, take a MLB, preferably Jonathan Vilma because he is young, very good, and usually ends up an elite LB after a short time. In the eighth round, draft Reggie Bush. He is very fast, young, and will improve a lot in short time. Also try to get Manny Lawson (change to DE), Dbrickahshaw Ferguson (OT), Michael Huff (FS), Tye Hill (CB), and Lecharles Bentley (Center). This results in a fairly balanced team.
When you play Franchise mode, in the off-season usually the CPU releases one amazing player and a group of good players. For example, after your first year usually they will release Terrell Owens (97), Ed Reed (99), or Justin Griffith (97). Instead of going for other good players, offer the "superstar" released in that off-season a lot of money on the first day, then try to get some good players. Usually if you offered the "superstar" enough on the first day, he will sign with you immediately. You can then focus on good players. Also, when you are re-signing players or getting them in free agency and you want to save salary, offer them all seven years and your salary will go up.