Yes, you can play your game and then sim the rest. You also have the option to let the CPU control other parts of the teams by switching control from 'User' to 'CPU' in the 'Team Management' screen. I like to control all 32 in offseason tho, or the CPU will resign everyone and draft players they don't need. It a pain, but it works and then the CPU doesn't relocate teams in Owner Mode. You have to max out all the advertising sliders and make sure they have their 'fan appreciation day' promos for about the first three weeks and then you can switch that back to CPU control until the offseason and they won't move.
I have one restricted FA and one Franchise player for each team, resign two players and cut the rest.
I then draft by using the full 5 minutes to figure out who the team really needs and then around round 4 I switch it to the CPU for the rest of the draft.