Taken from http://steamcommunity.com/games/252950/announcements/detail/92689497762318623

In-Depth Look at Rocket League Season 2

Last week, we talked about the Season 1 Rewards and new "Item Qualities." This week, we're changing the standard news format to go in-depth with the details about our second Online season. 
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Season 2's Fresh Approach

The next patch (scheduled for February), will bring an end to the first season of competitiveRocket League! We’ve been listening to all of your awesome feedback regarding Season 1 and incorporating a TON of improvements for Season 2 and beyond. 

The aim of Season 2 is to de-emphasize the importance of single wins or losses and put the focus where it belongs -- consistently playing well and improving your game over time (not stressing over individual losses). Now, let's get into it! 

What Has Changed in Season 2?

• To start, we've renamed ranked play "Competitive Matchmaking," which will be tagged in the Playlists menu to differentiate them from casual matchmaking. 
  
  
• In addition to the fresh playlists tags, we're also removing Rank Points for Season 2. In the new season, all Divisions are based on your Skill Rating to remove the confusion of two points systems. 
  
  
• We have replaced the ten Season 1 Divisions (Bronze I/II/III, Silver I/II/III, Gold I/II/III, and Platinum) with 12 new ones, especially tailored to Rocket League. 
  
  
• The new divisions range from Prospect I at the bottom to Champion at the top.

Here’s a little breakdown of Season 2's titles: 

Will My Rank Reset?

• When starting Season 2, all players must play ten placement matches to determine their Skill Division. Skill data will also remain from Season 1, so existing players don't have to start over. Your final division placement will be heavily influenced by your Season 1 Skill Rating. 
  
  
• Skill Divisions will be visible on the end-game scoreboard, so you can see what division your teammates and opponents were in. However, you will no longer see a numeric representation of your skill or rank, just your current division icon and name. 
  
  
• Promotion and Demotion between divisions works differently than before. You will be promoted into a division after your skill has risen consistently to the next division up. Once promoted, you won’t risk immediate demotion for losing a game or two. 
  Check out this image of the new end-game scoreboard:

What Else Should We Know About Season 2?

• There is no longer a hard cap on the number of players in the top division. This means that if you meet the skill requirements for the top division you will be placed accordingly, regardless of the number of players who meet that rating. 
  
  
• Season 2 will retain the Top 100 with leaderboards based on Skill Rating, similar to how the Preseason worked. Players in the Top 100 of each skill division will appear on leaderboards like in previous seasons.

As usual, we'll keep you updated on more of our feature additions and other topics regularly through our Facebook and Twitter pages. Thanks for reading and let’s keep this discussion going for Season 2! Good luck out there! 

Welp, sorry for that poor formatting I hope it is mostly readable.
IMO this new competitive system is a great idea! Star Rank should be fairly easily achieved I'm thinking

Is it free if you already have 1? I have it but haven't touched it much

Yep! The changes will come in the form of a free patch; much like they've been doing since launch. The only RL stuff you have to pay for are the car/topper/item packs you can find on the PS Store.

Hm... not sure how to feel about this. I already got crazy in 2v2 because my bar wasn't moving anymore after reaching Gold3. And now there is no bar at all? No feeling of improvement and constant uncertainty not knowing if you're doing well or not. Not knowing where you stand in your own division is bad. They don't have to give me points but it would be nice if they indicated somehow how close you are to the next division.

I'll give it a try and maybe I'll like it.

Nice! Been busy smoking pc players recently so I'll definitely give this a go :)

I think the new system sounds great!

Thanks for the info!

Glad to help!

@vivster I know what you mean. On Reddit when this was brought up they said they would consider a "pending promotion/demotion" notification

The good thing is though that they're moving away from that stupid 2 point system to a single unified score that's used for both ranking and matchmaking.

Also this time around it makes sense that they do not reset the MMR. After preseason people with high MMR were basically fucked because it affected all their scores negatively. This time around MMR=score so there shouldn't be any problem. Unless they used a stupid formular again that makes it harder and harder to rank up.