Can be done with two controllers.
To gain 150 yards rushing with one player, pick any outside run play and run to the sideline, past all the defenders, and then cut up the field and try and make it to the endzone. If you don't make it, just keep rushing the ball until you get 150 yards.
For the 150 yards receiving, you have to pick a pass play where the running back goes out for a pass. When you pick a play, make sure there is an arrow at the bottom of the play you pick because that means the running back will be able to catch the ball. Once you hike the ball, wait a couple seconds for the running back to get past the line of scrimmage and then pass to them. Just keep doing this until you gain 150 yards.
To check how many rushing and receiving yards you have gained, pause the game and go to 'Statistics.'
I had trouble getting this to unlock right when I met the yard requirements. If it doesn't unlock right away, just run another rushing play and gain a few yards and you should get it. If you still don't try catching the ball with the running back and gain a few more receiving yards.