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I just found a way to edit online squads and take the edited squad to H2H seasons. This year EA check the online squad files of you and your opponent. If they don't match the match get cancelled. As long as that check can't be bypassed this hack is not very usefull. Tested the same method for FIFA 11 and worked just fine.
Here is how to do it:
1) Download the official "Online Squad" file by starting a match
2) Put the "Online Squad" file on a USB and place it on your computer
3) Get a HEX editor
4) Open the Online Squad file with your HEX editor and search (CTRL+F) for "Online" and change that line to "Squads". There are 2 lines you need to change: "Online_20120113184329" (the numbers are just random, yours will be different) and "Savetype_Online"
5) Now you got "Squads_20120113184329" and "Savetype_Squads". Save the file.
6) Rename the file named something like "Online 20120113184329" to "Squads 20120113184329"
7) Rehash + Resign (Not sure this step is necessary)

Place the "Squads_20120113184329" file back on your USB drive and plug it back in your XBOX.
9) Now go to "My FIFA" > "Save/load/delete" > "Load" and select "Online Squads"
10) Now you are able to edit "Online Squads" the same way you would edit offline squad files.
11) Get all your player 99 and go to H2H Seasons.
12) Start a match and get kicked by EA
If someone have ideas for bypassing the check let me know!