You can still do squad battles and your rank will be based on how you do in the 12 games. Problem is, with so few games it means no one will skip any and that'll make it harder to get to "elite". I finished my 12 matches yesterday, so I have to wait til Sunday for the reset.
I still play squad battles, even when I've completed the 12 matches, for the objectives and evos.
I really don't understand why they went from 32 to 12.