The Edit Team functionality is available on the Team Selection screen.

Highlighted Features:

(1) - To Select Captain, tap and choose from a dropdown list of Selected Players

(2) - To Select Wicketkeeper, tap and choose from the dropdown list of Selected Players

(3) - Re-order the batting line-up

(4) - Tap on (X) to remove players from the line-up. 

You cannot remove players who have already taken part in the game (i.e. batted, bowled, taken a catch or involved in a Run Out or Stumping)