As with most achievements in all the old Madden titles, this one is insanely easy with 2 controllers.
Before starting, I would recommend going into your settings and turning off the play clock before entering a "Play Now" game.
While on the team select screen, hit
with your lead profile controller and go down to Advanced Settings and make sure under Coin Toss your First Choice is set to Recieve. Likewise, with your second controller make sure the First Choice under Coin Toss is Kick. This gets your lead profile the ball first.
I'm not sure if you can just run the fake punt off the 1st down, so I wasted my first 3 plays to run it on 4th down. Now go to Formations > Special Teams and scroll until you find "Fake Punt W Release." With your second controller make sure to select a normal play and not a special teams. I REPEAT: PICK A NORMAL PLAY WITH YOUR SECOND CONTROLLER AND NOT A SPECIAL TEAMS FORMATION.
Now, since we have the play clock off this will be simple. On your second controller you will want to cycle around to every defensive player and on each hit
to bring up the individual audibles and hit
to put the player in a QB Spy. Do this for every player on defense. Everyone will stand still and not rush the punter.
Now simply run the play, and I lobbed the pass to the
receiver. Now, make sure the receiver is going to catch the ball for the first down, hold
for a nice, safe, possession catch and the achievement is yours!