1. Click this link to download the file (Press Ctrl+S)
2. Go to this folder: Steam\SteamApps\Common\Counter-Strike Global Offensive\game\csgo\resource
3. Create new folder: subtitles
4. Put the downloaded file in that folder and name it closecaption_english.txt

It should look like this: game\csgo\resource\subtitles\closecaption_english.txt

To enable letters inside of a circle for teammate colors, use cl_teammate_colors_show 2

This was based on bananagaming text mod, but I have been modifying it over the years for CS:GO.

1. Click this link to download the file (Press Ctrl+S)
2. Save this file as practice.cfg and put it inside this folder: Steam\SteamApps\Common\Counter-Strike Global Offensive\game\csgo\cfg
3. Load a map locally
4. exec practice in console