Legacy teams present within your Business Team account refer to teams that were purchased prior to June 13th 2024. These expired/inactive legacy teams did not have the auto-renewal option when they were purchased.
Team subscriptions are teams purchased after this date which are set to auto-renew unless paused/cancelled.

Any teams purchased from June 13th 2024 will be auto-renewing products (Team subscriptions) with the option for automatic renewal each year.
Any teams renewed from June 13th 2024 will also become auto-renewing products (Team subscriptions) with the option for automatic renewal each year. You will see a warning of this after opting to “Extend team”.
It is possible to cancel your Team Subscription auto-renewal but please note that if you cancel, you won’t have the option to add additional licenses to the team at a pro-rata rate later on.
Please go here for advice on pausing or cancelling auto-renewal of a team.