As announced by Activision, Ranked Play takes the form of 4v4 matches, with game mods including Search & Destroy, Capture the Flag, and Hardpoint. eSports settings are enabled for Ranked, pulled from the settings found in the Call of Duty World League. For example, you cannot use turrets, while Incendiary shells are also not available. Additionally, some weapons are unavailable, including the Lewis, MG 15, Bren, and MG 42, while some attachments, scorestreaks, and equipment are also blocked. You can see a full rundown of the eSports settings here on the Call of Duty World League website.
Win matches and you'll earn points that go towards unlocking the next rank. Every time you lose or quit a match early, you'll lose points. As mentioned, the first season is only for placement. At the end of Season 1, you'll be assigned a skill rating, and that will carry forward to Season 2. There are seven tiers: Bronze, Silver, Gold, Platinum, Diamond, Masters, and Pro. It'll be extremely difficult to get Pro status as only the top 100 players worldwide will reach this rank. It's probably not going to be you.
Reaching a new rank will unlock the rad-looking helmet above. Activision also confirmed there will be penalties for leaving Ranked matches early in the form of temporary bans. Quit early once and you'll be banned for 15 minutes; twice for 30 minutes, and on your third time you'll have to sit out for 45 minutes.