The first kind have their own players and appear at the beginning of the list when you press L1, L2, Square.
New York Sports - 94 Overall Salt Lake Frosties - 94 Overall Canton, MI Ratpack - 82 Overall (Weak Goalie)
The second kind basically take an existing team and changes their jerseys. For example, if you press R1, R1, Circle when you have the Avalanche showing, you'll play the Avalanche players in the Cleveland Barons jerseys.
Cleveland Barons R1, R1, Circle Toronto St. Pats L1, L1, Circle Oakland Seals L2, L2, Circle Kansas City Scouts R2, R2, Square Montreal Maroons L1, R1, Square Portland Rosebuds L2, R2, Square Vancouver Millionaires R2, L2, Circle New York Americans R1, L2, Circle Hamilton Tigers L1, R2, Square Seattle Metropolitans L2, R1, Square
Team Code NY Americans R1, L2, Circle Vancouver Millionairs R2, L2, Circle Seattle Metropolitans L2, R2, Square Hamilton Tigers L1, R2, Square Montreal Maroons L1, R1, Square Portland Rosebuds L2, R2, Square Kansas City R2, R2, Square Cleveland Barons R1, R1, R1, Circle Toronto St. Pats L1, L1, L1, Circle Oakland Golden Seals L2, L2, L2, Circle