Adam said if you use the exact name of a school, the announcers will say their name. example, you create Miami Hurricanes, the announcers will say Miami Hurricanes.
what will be different would be the school records(all created teams have generic record book), you wouldn't have any rivals in play now, loading screen would be different, and if there are historic stats displayed during the game(doubtful), they would show either. can't think of anything else that would/could be different right now though.
I'm glad you said play now. Because I could not for the life of me find out if created teams could be used in play now mode. Thank you.