So far I have only played some exhibition, but here's how I understand it. It's basically just consecutive seasons, but there are TOTAL stats. I don't know if you will be able to see each individual season stats or not.
There is no progression, trading, free agents, etc. If you start with a customized season, you would be able to edit attributes to simulate a progression if you wanted to. Keep in mind the mojo system is pretty much replicating a progression/regression system on its own.