As there was a change in the minimum elo you could get from a fight, I think it would be best to reset the elo to go along with it. The rankings should be different to every other server to give it a unique aspect; change the bronze to masters into bronze-silver-gold-(ranks other than masters and diamond because these ideas have already been used in many other ranking systems, e.g. Titan, Champion, Lord, etc.) Ranks could end at 4000-6000 elo to make the grinding experience longer and more unique than other servers. The prefix that some of the very top ranks may even alter the player's chat colour and in-game. Depending on the rank, in-game cosmetics would be a cool way to show off the tier of the player (arrow trails, blocks, the ground underneath the player-like hypixel.)
This would be a really good idea and it would encourage players to play ranked matches more frequently +1