Other than transaction logic, the biggest thing wrong with franchise mode is that it lacks the feeling that you are in a LEAGUE. Thats what makes the NFL so exciting, is all the stuff that happens all over the league. The reason why franchise is so boring and repetitive is because all you do is focus on your team.
There needs to be some franchise specific presentation, like better score updates from other games and more often. More hype on Playoff races and close divisional matchups
Some sort of news thing in the offseason so you can see what all the teams are doing and other big story lines. More hype around star draft picks leading up to the draft.. pretty much a HC09 offseason
When you're not playing there needs to be a radio show, what would be best is a cross of the Tony Bruno Show and Head Coach 09, have a radio host talk about things like fan reactions to the teams 0-8 start or something. then have Adam Schefter pop in and tell breaking news like he did in HC09
Theres plenty more things, but the point is that in order for Franchise mode to be a success they need to make it feel like we are playing as a team in a Football League, not just managing a football team.

here's a few)
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