2K Sports have updated their APF2K8 site and they are showing quite a list of legacy players.  It appears that you will be able to use players such as Barry Sanders, Chris Spielman, Johnny Unitas, John Elway, and OJ Simpson to name a few.  They signed over 240 total legacy players from years past.  Also, it looks like basically you will have a fantasy draft to start the season and you can pick your stadium.  So, we are speculating the reason there will be no multi-season franchise is because of that fact.  I can honestly say my excitement level just went up a couple notches for the game.  Here's the entire press release on their site:

"

Imagine Rice, Unitas, Butkus, and Singletary.
In their prime.  On the same field.
Maybe even the same team.
Imagine preparing a precision squad of mercenaries—even building your own players.
Imagine football action the way football is really played. 
Now imagine the best gridiron game coming back for more.
Imagine Football Resurrected.
This is All Pro Football 2K8.
This summer…the legend returns.

• Draft your dream team from football’s legendary players--over 240 of them.
• Choose your arena and pump up the fan base to create stadium energy you can feel.
• Next Gen Graphics feature thousands of new player animations—games come alive with sweat and steam, rabid fans in the stands and dynamic weather challenges.
• 2K Broadcasting – A new style combining TV broadcast with on-field commentary to put you closer to the action than ever before.
• 2K Beats – Kick it off with original soundtracks, mashups and remixes by an all-pro producer with legendary artists (TBA)."

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