That's what I did when I first got the game. Everything default - 5 min. varsity and did not even look at sliders. Breezed through my first dynasty year in a couple of days and had alot of fun. Didn't pay attention to the stats, just my win-loss. I lost to teams I should have, squeaked by evenly matched teams and blew out inferior ones. It wasn't until I started tinkering with difficulty levels, minutes and slider settings did the frustration begin.
Play this game like a NCAA Tecmo bowl and you'll have fun.