Not sure if anyone knows yet, but the inclusion of vintage logos has me pretty geeked - can you only create one team? And can you only relocate the team you're controlling (i.e., no multi-team control)?
I ask because if this feature is truly fleshed out the first thing I'd do is move the Hurricanes to Hartford and bring back the Whalers, "rebrand" the Wild as the Northstars, and move C-Bus or Phoenix or whoever to Quebec City and bring back the Nords.
I have a funny feeling this won't be possible.