Ok, this is the team I assembled with Newcastle United after 8 seasons. I also had all my staff at level 10 and a 99 rating in chemistry.
(3-5-2)
GK: V Fiorillo 94
CB: Breno, Richards and Sergio Ramos all 93 (Ramos reaches higher levels when played as a CB but you won't see till the pre-match manager screen)
RWM: Ronaldo 98
CM: John Obi Mikel 92
CM: Fabregas 95
LWM: L Messi 98 (listed as a RWM, but left footed, aha!)
CAM: Anderson 97
CF: Dos Santos 97
CF: Baxter 96- Staggered these guys with Dos Santos slightly to the left and behind
Subs included Vela (st, 95- This guy rockets to the top and will hold his own for a good while), Modric (cm, 90- cheap and peaks early, an ideal addition in your first window), Bale (LB, 90- will work at 90 in CB and lasts a long time!).
As everybody has said the key to quick success is signing free agents. Pump money into your negotiator and scout. A level 10 negotiator will allow you to bring players in at as low as 50% their asking price and salary, you can then hold out for a very realistic 200% profit. A level 10 scout will find you players who will peak in the mid-90s or better:
After 11 seasons Christiano Ronaldo is retiring when his two year contract ends at a 97 rating. But I have a 21 year old English RWM who will hit 99 by then. In addition to him I've picked up a ST who'll peak around 95 when he's 23, a keeper at 90 (age 22), and a CAM who's going to hit 92 or so.
DO NOT DISCOUT THESE SCOUTED PLAYERS. TOO MANY PEOPLE VIEW THEM AS CHEAP WAYS OF ADDING RESERVES.
The formation always takes tweaking but the main thing to ask yourself is if you want to go for one you're comfortable playing with in-game or one that brings out the best in the players in a generated result. Best of both? Just switch between your tweaked formation when you play and one of the pre-set formations if you quick-sim. The simple fact is that these formations work better with the comuter playing for you.