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Yes, there is a historical replay style mode that you can access through the wizard or when establishing all the settings yourself. Player ratings will be based only on the current season, and you can use the league creation wizard to decide your other settings. You can turn off or turn on almost anything in OOTP.
You can turn off finances, use only real life historical transactions, and only use real players. It's as simple as using the wizard and checking/unchecking boxes.
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