As awesome as it would be if this feature is in the game, I would have to highly doubt that it is. I don't know for sure though. In all the videos and blogs ive watched and read, nothing have mentioned whether or not relocation is in the game. But as you said, there have been things that have been stripped, and I would have to believe this would be one of them. I feel like they havent had the time to implement that as a feature online, and probably didnt want to have it available at all if they couldnt have it as a online and offline feature.
If this is the case, i'll definitely miss it. I used to always move a team to Los Angeles and create sick stadiums and uniforms. I have a picture on my twitter of my LA team from Madden 12. I took the Chargers, moved em to LA as the Los Angeles Rhinos:
https://twitter.com/#!/TheDegenerate...c.com%2F7ju16x
regardless of if its in or not though, i wouldn't let this be a deal breaker. Im just excited to have as many features as we do available for online franchise now.