Yeah, you'd have to pay for credits to re-name your team, though. A list of cities and possible names wouldn't be too bad, but as long as there were some good options. One thing people hate in Madden is the horrible selection of names.
Yeah if you were going to allow names to be changed I'd say keep the city the same so we can look at historical stuff like standings and championships and no what franchise did it. Only allow teams to change the team nickname and have a large library of names/logos for them to choose from.