No recent game out, but there are Mods that have the current bowl system. Also, you can add a playoff system, move teams to the correct conference, or change any conference teams very easily. As far as rosters, I didn't check, because I am in the 3rd season of my Tarheels, and besides it really doesn't matter.
The replay value along outweighs the "must have current rosters". Story lines for the players from getting into trouble, auto accidents, bad grades, personal problems to players getting sick before the game.. Just about anything in real life. However, if you want to edit your rosters....roster editor is included. I don't think you can edit with the demo...its been a long time.
Last year, my best DT had an auto accident and missed the last 3 games, which in turn caused him to come back his senior year. He was leaning to go pro.
If you like the stats, stats and more stats...it is a must. However, if you are looking for anything with graphics....it is a no no. The game is "OK" if you play it out, but what I enjoy is setting my game plan, as who is going to get a certain percent of the carries, defense rotation, and the things the coach has to deal with on a weekly basics. Then on top of that...picking the plays you want to run in certain situations. For instance what plays are you going to run 3rd and 5, the percentage. Do you run an out 60% of the time with with your sure handed TE, and 40% a curl with your WR. The choices are just about endless.
Just remember the CPU will run the plays during sim mode that you set up. If you "Coach" you can do what u want.