According to this news story, players can be traded after having the franchise tag applied to them:
http://espn.go.com/nfl/story/_/id/7569946/philadelphia-eagles-likely-franchise-wr-desean-jackson-report-says
In Madden NFL 12, to trade players from regular NFL rosters to a created team, first ensure your created team is in Franchise mode. Navigate to the "Trade" menu, select the team you want to trade with, and then choose the player you want to trade from the regular roster. After that, select a player or draft pick from your created team as compensation. Confirm the trade to complete the transaction.
A franchise record is a record that is just on a team not in the NFL
New Mexico does not have an NFL franchise.
Ravens
Detroit
Dallas Cowboys
In 1967
1
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.
Baltimore Colts