So where do you go to set up your squads? Do you really have to spend squad points for each guy to arm them or did i glance at it wrong?
That's what I had to do. Buy the player, rename them, kit them out with the default loadout you would like them too use, this can also be customised. I actually came up against a guy who had equipped all his players with target finders lol. I don't play multiplayer, so getting Suad points takes ages, but it's still alot more fun than MP.
Here's a video that we made that's helped explain squads to people a little better:
As for the bonus XP, you gain that bonus XP time when your squad is challenged. Since you can buy the first 6 squad members for 3 squad points each now (the 6th used to be 100), and you gain 2 SP each time you level a squad member, it's actually a handy way to make some SP. Buy a new squadmate, play a couple rounds of squads as that new character and you should have leveled up enough to make a positive gain of SP.
Odd quirk I can share: If you have a squad member with a marksman rifle equipped and someone gets close, they will spend the time switching to a secondary regardless of the sights on the marksman rifle. So I took the secondary away from my guy with the M14 burst and iron sights and his score the next two games got better.
Edit: Whoops, forgot to mention, it's 30min of bonus XP per round and it does max out, it is not infinite. Also, you max out at roughly 2k XP gain during a squads match.
When you go into Squads mode scroll down to the Squad HQ. That's where you can setup your map and gametype.
A question (maybe you have some insight to the answer): Any ideas as to why maybe we cannot challenge friends on the PS4?