first team vs squad

first team and squad both are nouns.

Word	Noun	Adjective	Verb	Adverb
first team	Yes	No	No	No
squad	Yes	No	No	No

As nouns, squad is a hypernym of first team; that is, squad is a word with a broader meaning than first team:

Other hypernyms of first team include team.

first team (noun)	squad (noun)
a team representing a college or university	a cooperative unit (especially in sports)
	a smallest army unit
	a small squad of policemen trained to deal with a particular kind of crime