This is actually over a month old but I haven't seen it posted yet so here it is...
According to sources from around the NFL, 2K Sports has approached numerous football Hall of Famers about starring in a new legends football game. The process is taking longer than they anticipated, however, as they actually have to go around and sign all of the big name players to individual contracts. It's not as simple as getting the NFL Players Association on board, signing a check, and getting all of the athletes for your game. The old school players all have different asking prices, different demands, and working with them on a one-on-one basis rather than as an organization is more of a headache than you could imagine for a publisher.
There is also the issue of being able to sign an adequate amount of legends to fill out enough rosters to make for a compelling game. The design of the game is obviously still early, but I would guess that the legends are going to be used more as captains of a team, with the remainder of the players being generic names and numbers. Players who you can then edit to make whoever you want. So forget the fact that the quarterback on Atlanta is right handed and #8. With a few minutes of editing, he's a lefty, #7, and the fastest player in the new league. Hey, you can even name him Ron Mexico if you like. It will take some work on behalf of gamers, but if you were able to share and trade rosters online, this could turn into NFL 2K without any need for the NFL license, or the money paid for it.
Like I said, nothing is set right now other than the fact that 2K Sports is going after the legends. We'll see what they ultimately do with the players (and their new game) once they are officially signed.
Via my backlog of Joystiq articles.