The raid lockout system, raid team sizes, and difficulty settings have changed numerous times over the last few expansions, so I looked for some clarification from Blizzard on how things stand right now. I came across this recent post from a Blue regarding past and present raid lockouts. Interesting to read, if you are unsure of how the "SAVED" feature works with the new Regular, Heroic, and Mythic team sizes.
http://us.battle.net/wow/en/forum/topic/15271089594