I'd imagine it'll be like it has been for Player CFM for last several years. Where you choose the team, create player, Archetype, what round range your player was drafted in. I would have to imagine they adjusted the ratings scales for how your player has been rated depending on how you chose to be drafted. Where I don't think they can have you rated in low 80s/high 70s for 1st round pick, if everyone else's ratings got spread. I still think they'll allow you to play as a current player/rookie or allow you to player as a created player in CFM.
I really don't think they're will be much difference in FoTF and Player CFM once your QB gets the league. If they both use the same scenario engine, I don't see us missing out from choosing Player CFM. You can always create tons of QBs to play college games over and over. But you will essentially get same experience