I had some of the same problems with WWF No Mercy using Project 64. If you're using Project 64 with the default Video (graphics) plugin that could be where your problem is. The default is the Jabo's Direct 3D6 1.5. You'll need to switch from that to the Rice's Daedalus 5.2.0. That does it for blacked out text in WWF No Mercy and it should do the same for Madden 2001.
On another note....
Where did you get your Madden 2001 Rom? I've been looking for Madden Roms all over the net and still haven't found any.