Teams are meant to be fluid and not necessarily all permanent. Although you will likely have the long-standing teams like your department teams, you will likely have some teams that run their course. What do you do when you have a team you no longer need anymore? Maybe it's a project, maybe it's a conference that's over or something that's no longer relevant. You have some choices when you want to retire a team.
You have 3 choices.
When you hide a team, it's only for you. Others can keep the team active and nothing changes as far as the team status.
If you archive a team, you are doing it for all members. You have to be an owner. The team's status changes to Archived, it's temporarily available inside Hidden teams located at the bottom of the teams list, and a small icon representing the archived state is added next to it. After you archive a team, you have the option to restore it. Once it is removed from Hidden teams it is available in the Manage teams view under Archived. To view and search through the content of the archived team, select its name in the Archived list.
If you delete a team, it will be gone for everyone. You have to be an owner or an admin to delete the team.