Unverified. I'm not quite sure this will work because I bought this game used, and I don't know if its because of a glitch caused by scratches but here you go:

During franchise (I think all other game modes too) hold down R2 as if you were looking at your play. Keep holding R2 and the play clock and the time clock will stop and you can wait as long as you want. You can use this even before your players get set.

Submitted by johnny_joe (dacheatgangsta)