Yes, the story is a bunch of Autobot allies humans and Pretenders in human form. Metalhawk, Cloudburst, Landmine, etc.
The plot is that before Gaea transforming into her robot mode in the last comic she transported all the humans and human-looking pretenders from Classicverse Earth to a copy of Earth. It's now 5 years later and they are all living on Earth, with the human looking Pretenders assuming full human form to blend in. The Pretender seem to have taken on forms that look a lot like the Pretenders from Masterforce, meanwhile it appears the Mayhem Attack Squad and Ramjet have arrived on the planet. Thus the title Masters and Mayhem.
You might notice the promo posted for Masters and Mayhem is a total parody of the promo posted for Masterforce.
http://tfwiki.net/mediawiki/images2/...rcePoster1.jpg
https://pbs.twimg.com/media/CXf_PanWcAAHXI3.jpg
The blonde guy at the bottom is an adult Spike Witwicky from the Marvel Comics. The guy with the tie is Metalhawk (dressed exactly as Mr. Hawk from the Masterforce show), the guy in the red jacket is Vroom. The guy in the white shirt with orange stripe is Crossblades. The one in the black overcoat with the stripes of grey hair, I have no idea. They are keeping it a secret it seems. I think he might be Starscream.
The black woman is called Elizabeth, who seems to be a new character, and she's Spike's girlfriend. She does look a lot like "Lisa" who appeared in issue 67. Lisa might be short for Elizabeth.
http://tfwiki.net/wiki/Lisa