Although provided guidance, none of the answers above answered the question in its entirety. The link that was sent was already looked at as part of my research.
I will take an attempt at answering my own question:
Full features of Teams can be utilized only after successful Exchange Hybrid Configuration and Azure AD Sync. This will enable two features that the question was related to: centralized account management and Calendar Synchronization with on Prem Exchange. Below is what was gathered as steps and prerequisites for these features to be enabled:
Exchange Hybrid Configuration & AD Sync is free
One Prerequisite for Exchange Hybrid is AD Azure Sync
AD Azure Sync prerequisite is following:
1) Azure Subscription - Not required if already on O365
2) Make sure Azure AD connect server is at least 2008 R2 SP1
3) Azure AD connect Server must have .Net Framework 4.5.1 or later
For all other requirement use link: https://github.com/uglide/azure-content/blob/master/articles/active-directory/active-directory-aadconnect-prerequisites.md
Other Prerequisites for Exchange Hybrid are:
1) Exchange 2016 or newer
2) Microsoft 365 / O365 (Any subscription)
3) Custom Domains - (Email)
4) AD Synchronization
5) Auto discover DNS Records
6) Microsoft 365 or Office 365 in the Exchange Admin Center (EAC)
7) Public Certificate -
8) EdgeSync - Not applicable if company do not have an Edge Transport Server
9) Microsoft .Net Framework 4.6.2 on the server that runs Hybrid Configuration Wizard
10) Firewall Exceptions
10A) For Exchange and AD connect to work, many IP addresses, ports and URLs must be whitelisted on the firewall. A list of what needs to be excluded can be found on the website below:
https://learn.microsoft.com/en-us/microsoft-365/enterprise/urls-and-ip-address-ranges?view=o365-worldwide