It's hard to say how a truly new ranking system would go. There's different approaches to playing Destiny and top tier players have grown accustomed to the game feeling different than it tends to when it's what some call more "competitive."
So with that right there either the game will be working discrepancies into matches or there needs to be something else for them to play after they hit the top ranks so it can not have stark discrepancies as a feature while trying to keep it competitive.
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Competitive where people are having drastically different experiences just isn't competition really. And it's strange because people hammer on skill levels but not the concept of an even playing field at that level.
The game just sets itself up so that it's trying to make things look competitive with increasingly dissimilar players over time. And if it needs to be slower it shouldn't feel like the game is supposed to move at a faster speed but there's something making it slow. It should just be slower and everyone should move slower and then the better players just prove themselves to be better.
All that is not necessarily what daily pvp players prefer though.
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Do you mean with xp? That would be like what people show in their emblem now but with a cap. Although I would certainly accept another number to watch go up, it's probably better to try to get a ranking system based more on skill to work right first.