Tecmo Super Bowl 2 was released for Super Nintendo and Sega Mega Drive/Genesis in 1994. The game still had all of Tecmo's revolutionary features (breaking tackles), but once again teamed with the NFL Players Association, the game had names for nearly all of its players, with a few players still under generic names. The game also added a new feature, Player Trades. Gamers were allowed to trade for three weeks before the season. For the first time, Jerry Rice could play for the Cowboys, or Deion Sanders could play for the Pittsburgh Steelers. Unlike the previous versions defensive players can now be injured or adjusted around in the depth chart. Although these new features included the fair catch and choosing a particular defensive play formation were added in this update to make the game more realistic, penalties continued to be not one of them.

The game saw a relatively limited release, with only 15,000 units of the Super Nintendo version being shipped to retailers.

New features were added to make the game more closely resemble real NFL football. For the first time, the "trade player" option was added to the Tecmo football franchise. A pre-season three-week period allows up to three trades to be made. If the offered team accepts the trade, a message, along with other trades from other teams will be posted. Any trades not listed means the trade was rejected and the trade period moves on to the next week. All rosters have been increased to 37 players for each team. Team depth charts, whether it is offense or defense can now be adjusted, when before only the offense's could be. Besides kickers, punters and offensive linemen, defensive players can now be injured during games, where in previous versions they could not. Now teams have to switch end zones after each quarter, thus allowing player 1 and player 2 to experience going either left and right, as opposed to before where player 1 always remained going right.

Newer game graphics were created to allow new random player animations, such as dragging tacklers, and random spin moves and jumps to avoid dive tackles. User controlled ballcarriers can now dive at any time and anywhere on the field. The fair catch option and two-point conversion were added. Timeouts can now be called right after the whistle blows instead of waiting for the playbook screen to come back up. Punt and field goal fakes are now possible, as well. The offensive playbook was expanded to 16 plays, and the defense was now allowed to choose either a normal, goal line, nickel or dime formation before selecting his opponent's offensive play. In addition to the increased playbook choices, audibles can now be called while on the field to change previous selected plays. The defense can also audible into different defensive formations that are listed above.

The game was packaged with the 1992, '93 and '94 schedules, as well as the three team rosters corresponding to those years. Alternate and unofficial schedules are generated by the cpu, but only in Trade Season Mode. Game quarter lengths (in preseason and probowl only) can be either shortened or extended. Fumbles and injuries can also be turned off, but neither the previous and later options are available in regular season mode. To keep with the traditional "arcade style" feel of the previous games, the game clock remained the same (accelerated), and both penalties and the 40 second play clock were excluded. This was the first Tecmo football game that allowed users to change quarter lengths in Season Mode.