I'm almost positive create-a-stadium is in the game for the created schools. It was in one of the many preview articles I believe. I'd like to have the option of team names on the uniforms as well plus having more logos and mascot choices. I really hoped they looked at create-a-school and made sure their were no bugs in it. I saw several last year with people I know who created schools. One was never able to play the Rose Bowl with his team, one couldn't play home games in dynasty and mine couldn't play against one school (forgot which one). It would be nice to score a top 10 greatest game with your school, a feature that was not in last year's game. At least you could get SI recognition
Online use of created teams is still a bit off probably but will happen I think once they have online as a subscription service- whenever that is.