What is considered a finished team?

I believe it is both, plus the abilities maxed as well.

It depends on what you want them to do. Geos may be "finished" at G12, while an Imperial troopers team may be "finished" at R5. In both cases, there is room for improvement, but it all depends on the job that you want them to do.

There are many ways to consider a team finished.

1) A good first step would be level 85, 7 stars, G12 or G12+3, all abilities maxed (purple, omega, zeta) and yellow mods.
2) The next possible step would also be getting them to relic 3 or 5 with some of the important toons having 6dot mods.
3) Relic 7 and all toons using 6dot mods could be next step.
4) The last possible step at the moment would be relic 8 and gold 6dot mods. In essence, if there is literally nothing left to do, the team is "finished" (until the goal post is moved again. Looking at you, R9 & 7dot mods)

A team is finished based on your own personal definition, if YOU say it's done, then it's done.

Well then I'm screwed. Been playing this for over 3 years now. Haven't completed one team let alone relic 8. Iv still have to work on Vader to finish his relics. It would be impossible to get more then one too fully completed in a timely fashion. I mean I'm a f2p player. Now to fully relic a whole team unless anoth
er 4 years of trying.

Thanks for the responses. I agree I'm done at this point.