Well, at least not on release day.
Given the current lockout in the NBA, all incoming rookies for what would/should be the 2011-2012 season will not be included in the game when it initially ships due to contractual situations.
Operation Sports went hand’s on with the upcoming 2K release and confirmed via a PR spokesman that they did not hold the rights to the 2011-2012 rookies, meaning they will be added at a later time via a roster update (once the lockout is lifted) – assuming the season gets underway at some point.
On the plus side, 2K has added the player names to the database so they say you can expect a seamless transition when they release the roster update. Still, a bit of a bummer if you were hoping to play with Jimmer or any other rookie out of the box.