I think it would be a good idea in theory, just some things they might have to tweak based on that idea.
1) Rookie vs Sophomore game might work, but might not. I mean, first of all, you would have to play this on a football field, so that takes away the idea of the basketball arena thing and the idea it can be all in one night. A full game would take awhile. Secondly, its not like the NBA where you just get like 8 guys on a team... you need 22 starters per team, at least, and thats not even counting kickers and special teams, you would have A LOT of people in this event. It could be cool to see, but I don't see the big name rookies and sophs wanting to risk injury for an exhibition, and the lesser knowns aren't really going to want to play half-@ssed when everyone is watching, seeing as the defenses in "all-star" games are exactly that, half-@ssed, because they don't want to get hurt.
2) QB Accuracy would be a nice one. You would just need to set it up right.
3) Hardest hitter contest would be really interesting as well. Maybe they could add something like a moving dot on the sensor, so the hitter has to time it right, since what good is a hard hit if you miss the runner.
4) The obstacle course for RBs is another good idea as well.
5) I don't like the best catch competition though. What really makes a great catch? Its either great coverage, a bad throw, or battling the sidelines. Coverage you cant count on, since, if its a WR contest, I doubt you're going to want a CB knocking the ball away. You also don't really want to base a contest on who catches the best bad passes. You could do a 1-on-1 drill, where the WRs get points for the catch and the CBs get points for defending the pass. There's a lot to work out with that one, but could work something out.
6) There can be some kicking contests. For punters, you could do something like the contest in Madden, they punt and try to knock it within the 20, and get points based on where the ball stops or goes out of bounds. For kickers, you could do speed kicking like on Madden and a longest FG contest.