Atleast 1v1 arena should be about skill, not CP. This new system only favours whales, even tho most of them cannot even dodge the most obvious attacks/combos. Personally i have all my chars designed only for arena, but now i can trash my valk/dk, with their 3500 cp, because i would just fall back to silver league. Also arent we missing some emblems, for the tiny arena badges ? I mean the one what the top 3 gets, everyone should have something like that, like in the old system, maybe dependant on our arena level.
Id say make brackets for cp like 3.5k-4k, 4k-4.5k and so on. If someone is not chasing cp, but really devoted to play arena, and knows how to play it perfectly, can achieve great ranks. Also if someone just strips down to the 3.5k bracket from the 5.5k, can still be wrecked by the pros. Ohh and separate Ascension pvp from the non-ascended.

when a player reaches the diamond league, he finishes participating in the arena so that he is not thrown out and he receives a month's reward.