According to this news story, players can be traded after having the franchise tag applied to them:
A franchise record is a record that is just on a team not in the NFL
New Mexico does not have an NFL franchise.
Yes, you can use created players in "Online Franchise" on Madden NFL 2010.
The Atlanta Falcons were granted an expansion franchise in the summer of 1965 by NFL Commissioner Pete Roselle to begin play in the NFL in the 1966 season.
Bob McNair offered the NFL owners $700 million for an expansion franchise. The owners voted unanimously to accept.