Its a double edged blade owning your own name. Sure you get all the rights, and money generated from the name, but while you not working for one of the bigger companies, you are barely making anything off that. WWE will never ask for the rights to put him in a videogame, it would just be way too much out of their pocket for a single name, that really isn't remembered by many today.
2K would be the one to contact MVP about using his name and would be the one to pay him, being that he's not on a WWE Legends deal. Of course, much like anything else involving a licensed product, WWE would have to sign off on allowing him to be in the game, however, along with everyone else.