this definition sort of understates the mode.
it's basically a fantasy mode. but you work to build a team of your liking. there is a central market where tons of items are placed and you can customize your team, jerseys, courts, team names, etc. the problem with the mode is that 1) there is no real depth and it really hasnt changed for 3 years. and 2) 2K does an absolutely horrible job with supplying enough ways to make coins to buy the players you like. so you have to get creative. and 3) their online mode compensates for playing against wack players by what many in the MyTeam mode believe to be "equalizing" programming. I must admit, I too feel that there is something to the programming. I've worked to build an all 99 squad with some of the best cards in the mode and sometimes they don't perform well at all but a guy with an all gold squad can outperform your team(nothing to do with skill level. making contested shots while we miss open shots, etc).
its still a moderately fun mode though