GAME LEVEL (stars) - the level of difficulty your opponents will be. 1 star being the weakest. 5 stars being the hardest. unless you bought six star in the menu.
MASTER LEAGUE LEVEL (stars) mater league level. this affects how quickly your players stamina will be drained. whether they are more likey to be injured, called up for internatinal duty. that sort of thing i think. it also affects the wages that your players are on when you start a game? (can anyone confirm this)
CHEAT PREVENTION SAVE. cheat prevention save. this saves your game before everymatch. meaning if you turn the computer off during the game or quit the match because you were losing the next time you load up you master league you will have lost that game 5-0. just makes sure if your losing, you cant quit and play the game again to try and win. personally i always have this on.
hope this helps.