Here's a video we made to cover a bunch of the basics. Of note, you can now buy 6 members instead of 5 for 3 points each.
I talk about it in the vidieo, but to answer your specific question: There's a maximum amount of XP you can gain in any single match of squads. This prevents people who are awesome at it from farming it for really easy XP. If you're hitting it right near the end of the match, you're not wasting much potential. but if you're constantly getting it mid match, you might want to play regular multiplayer to gain XP faster. (If that's what you're looking for)
Nice video!! So I take it from the xp cap that there is no leveling up of the squad members in game. Unless you are the one playing whoever you pick from your squad.
That does seem to be the case. Squad mode is a great place to level up oddball members though and boost your squad points easily that way. The bots aren't as tough as real players, so just about any soldier build can gain XP and level up at a decent rate.
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COD wikia is pretty good.
I wish developers still made gaming manuals like the good ole days. Only type of manuals I've ever read.
They could easily have a contents/manual built in the game itself - Games have so much to them now days that a booklet would probably be too big to put in a case..
Showing my age I suppose