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Squad Battles has three windows:
This is where you set the difficulty level and pick the opponent you will play. You can see his squad, formation, tactics, kits, stadium and where he is from. If you already played against him, you will see a light blue tick. In each round, there are four new teams to play against. You can also play unlimited times against the featured squad and the TOTW, which are refreshed weekly.
This is where you can see how well you are going and which rewards you can get. Just like in FUT Champions, you have several tiers, that goes from Bronze 3 to Elite 1 and also TOP 100. Remember that the event only ends on Sunday night, so your current ranking is not the final one.
This is where you can see who are the best Squad Battles players at that moment.