IDK if I'd pay $500, but I'd pay half that for sure. Gaming is my main hobby. I don't golf, don't go out drinking, don't have any other expensive hobbies, so I like to get a lot of bang for my buck with my video game purchases. I play Madden and The Show exclusively, and I play them all year round.
I would absolutely pay more to get a real franchise mode, but they'd have to deliver on the field and in the strategy/game planning areas. I'm not paying jack for aesthetic upgrades or leveled-up gamer status. I don't give a rip about any of that.