I'm not sure it's been confirmed yet.
The one concern I have is if there is no regens or newgens. This would mean that there would be a load of 50 year old players around after 20 years, and it wouldn't be realistic if your teammates or competitors don't retire or lose form and skill with age. If it is included, that's brilliant, although I'll be interesting to see how these players are introduced. It could be a youth "intake" after each season or random players popping up after a retirement.
Another question, do AI players improve?