Yes, it still exists.
I am 0-8 in MyLeague with the Orlando Magic, updated rosters. I know that I shouldn't be wiping the floor with teams, and my results should be inconsistent, but when I have high rated shooters like Evan Fournier and Terrance Ross combining for 0-8 from 3, the CPU *never* turning the ball over, hitting a far too high a percentage of their shots, and getting the offensive rebounds on any shots they do miss, it becomes quite problematic.
I love 2K and don't wanna retire the game, as I'm in the peak of my interest for the year this time of season, but this is making it unplayable.