Nope, only one year deals. Basically you'll just be a free agent after each year and can go decide which team you want to play for, based of the offers you get.
IMO I think it could hurt the mode pretty badly. Part of making it to the NBA is signing the big contract. Them not having multi-year deals completely goes against everything they're saying the mode is.
Okay, so you want the person to be able to play for his favorite team? Maybe you should make the mode have multi-year deals and also be able to request a trade. This is a mode that's suppose to resemble the 'real NBA experience', maybe that person should just wait until their contract is up to try and sign with their favorite team.
I hope they seriously look into changing this for 2k11, although I haven't even played the game, I already know it'd be better with contracts, agents, ect.
And before someone says maybe the NBA didn't allow them to having players demand trades (I might of read this somewhere). Load of BS, in 2k9 the team chemistry feature had players demanding trades if they were unhappy. Should be the same in the My Player mode.