Updating the player names is one of the many things they could do that wouldn't have any affect on competitive balance. It would also be cool to see user names being added (with permission) after a certain level of championships is achieved. If someone has 10+ D3 titles, they should have the option of new D3 recruits having some combo of their first name, last name, and high school.
I feel like there's so much that could be done to improve this game without even touching the basketball logic.