Read my comment above. I figured it out. Only problem is you'll lose anything on your hard drive including Long Shot progress and non cloud saved franchises. MUT will be fine.
im still having problems with my downloadable content i cant get my free packs or ledgends or anything spent 2 days on the phone with ea ....they are haveing a problem with this but i can say EA DID give me 3 free packs for this problem they said i will get my content i just have to wait until they fix the problem so call ea get your free packs and THANK YOU EA FOR the packs ...cant wait to get my stuff from them......im on xbox one.....