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Earlier today, Blizzard's Jeff Kaplan took the time to begin explaining what Overwatch fans can expect when the ranked PvP mode arrives later this month.
Game director Jeff Kaplan discusses Overwatch’s upcoming Competitive Play mode, giving players an overview of how it works and detailing development changes made since the beta based on player feedback. He also addresses several goals that Overwatch’s developers have for the system in the future.

0:04 – Heartfelt thanks from Jeff
0:33 – Tease of upcoming features (beyond Competitive Play)
1:06 – Short overview of Competitive Play's main features
2:21 – What's changed with the feature since Closed Beta?

Kaplan explained how the revamped system will use MMR, seasons will now last 2.5 months, and how there will be cosmetic rewards for participating.