It may be like that or not. I would bet in the latter.
Remember we haven't seen the last ranks rewards and generally the best rewards are available near the end of any path to make people grind for them.
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We already know where the exotics and the armor lie on the pass, and other than that it's going to be some basic legendary weapons with static rolls. It appears that it's going to be backloaded with cosmetics. Not going to call that fact though, because we still don't know, but realistically the exotics are going to probably be the big rewards that people would get an advantage from having.