Yes, SmackDown VS RAW 2009 does have the General Manager mode.
You may choose the superstars and divas you like you may put your wrestler as draft: you may transfer the superstars into: RAW, SmackDown!, or ECW. As the general manager,after Vince McMahon hire you on the job to become the newest general manager of RAW, SmackDown!, or ECW. you may put these Superstars and divas into face as clean (good) or heel as dirty (bad). If you want for your own opinion to make the match for the superstars and divas into the regular match, hardcore match, steel cage match, title match and every types of matches. On 24/7 mode, you may put the divas and superstars into the contract sign, let the superstar and divas can speak, contest and anything in 24/7. But, please, man, as the general manager, don't fired by the chair of the board, Vince McMahon! Have fun on your job!