If we go for #1, I'm half tempted to rename the old players to banned/inactive EoFF once-regulars.

EDIT: Further updates for those who didn't already know: General Gaming Stadium has been renamed to Aiyonfield. Our NPC manager is Paul Ince, who we stole from the MK Dons. Obviously this won't matter a huge deal because I'll take over the manager position. Graham Souness is now manager of the MK Dons (in place of Ince). He speaks fluent Swahili and doesn't do much else. The reserves are now known as The Failridden instead of the main team. I was considering filling it with banned members, but to be honest it's too much work considering I'd have to create the reserves (they are otherwise randomly generated in FM2008, I believe)...