If you have all the patches/updates yes it does. I do remember there being a problem with the depth charts when the game came out. I also remember that the kickers generated in dynasty were horrible until they fixed that issue as well. They were so bad (consistently missing extra points) that it was literally a game breaker.
Gameplay is solid, even this deep in. The biggest complaint would be that dynasty gets a little "top heavy", meaning the biggest programs only distance themselves further from lower tier schools. There are some surprises, though. Ohio bobcats, TCU, Houston are all perennial top 15 programs in year 2039.
I use recruiting restrictions to keep from becoming unbeatable. I like the feeling that I'm constantly building something rather than just stacking my dept charts with 90ovr 3rd stringers.
All in all, a very good dynasty experience if you still have all the updates and a good slider set.