Am I the only person on PSN that constantly gets the “player data update failed,” when selecting online mode? I can’t play online because of this nonesense. 
No your not, I also have this problem where its always updating player data. I finish an online match, go to online menu and it updates player data for 30 seconds, gives me an error, and goes to menu where it updates player data again for another 30 seconds. After its done updating, i go to online mode, and it starts updating player data AGAIN, WTF!. By the time I start another online match, 3 minutes to 5 minutes have passed. Other times I cant even play a match because of all these errores. I miss the old MVC3 online mode.
I forgot to mention that it starts saving after updating player data each time. Whats the point of saving after updating when updating should do both jobs. ggggrrrrr
Turn the system off and then start the game back up. That should fix it.
Turning it off didn’t work, the same error still occurs. This literally happens every time, so I can’t play online at all. Ugh, fix it Capcom!