There is a unified place, to manage Teams in Jira Cloud. To edit a team's name go to the global Teams page by selecting Teams in the sidebar navigation. Locate the team, open its details, and just press it name to edit the team name directly. This updates the team's name everywhere it is referenced, including the Team custom field.
The Team field must be added to the screen used for Epics before it can appear on the create or edit/view screens. Navigate to Settings > Work items > Screens. Find the screen scheme applied to your project, then locate the screen that is associated with the Epic issue type. Edit that screen and add the Team field from the available field list. If no Epic-specific screen exists, you may need to create one and map it in the issue type screen scheme. Once the field is on the screen, it will be visible when creating or viewing an Epic, and the option to link a team will be available.
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