A player on your Dynasty Mode team wins the MVP of the regular season.
MVP is the Most Valuable Player, or the best all-around player for that entire NBA Season. To get this Award and Achievement you will need to be MVP for the whole entire 82-game Season.
Scoring points, Rebounding, getting Assists, getting Steals/Blocks will all help you out on getting NBA MVP. You can either select a good team to play with during the season such as the Boston Celtics, Los Angeles Lakers, Clevelan Cavaliers, San Antonio Spurs, Phoenix Suns, Miami Heat just to name a few.
You can sim through the season and get this achievement.