I found the sweet spot, recommend this to anyone who is now struggling with the game being too easy.
Increase all shooting efficiency sliders to 60
Increase CPU's offensive awareness to 80
Increase CPU's defensive awareness to 70
It's no longer that easy to burst past defenders, you need to focus on defense but CPU will still get off great shots especially from top players.
I've played 2 games using that so far. Lost 120-118 to Blazers with Utah, I had a significant lead going into 4th but they got hot from three and I struggled on offense. Beat Hawks with Hornets, was up by 12 at one point, down by 8 at another, closed out strong in 4th. Both were much better experience than anything before, I had to stay focused all game to stay in it.
I think the mistake they've made is that there is barely any change in sliders between All-Star and HOF. When selecting HOF you are virtually playing All-Star with a slightly better shooting efficiency and better defensive awareness for CPU. Between Superstar and HOF there's only 1 point difference in shooting sliders for CPU. That is not enough to make a noticeable difference. I have basically based my sliders on the jump I'd expect from All-Star to HOF which should be similar to Pro to All-Star jump at least. I think 60 for shooting efficiency is optimal if you are not hell bent on having the exact real NBA splits, then if you are finding it too easy/too hard playing around with offensive/defensive awareness for CPU does the trick. Actually defensive awareness at 70 seems very good too, CPU does not do lockdown defense on all your players staying within 10 inches at all times like it does at 80 & above but also does not stand around pointlessly like it does at 60 and below. So once you are done with upping the shooting sliders to 60, and bumping up defense to 70, you have to play around with CPU's offensive awareness only.