Here is the Master League default team for PES 2012.
In: Iorghenov, Voichulerd, Irjescu Xechinto, Elegost, Maqualao, Cinalton, Zalecki, Cotsload, Heeders.
Out: Ivarov, Valeny, Iouga, Ximelez, Espimas, Minanda, Castolo, Zamenhof, Ceciu, Huylens.
As you can see, there's been a major clear-out this summer. Ten legends including Castolo, Minanda and Ivarov are gone, and have been replaced by Cinalton, Maqualao and Iorghenov.
It's interesting to notice that the replacements have very similar names, to those that have departed.
Thanks to @_JoaoCampos on Twitter, for giving us the heads up.