So as of the patch today ranked play has been added, heres the video form Jeff explaining it all in more detail if you want to watch it: https://www.youtube.com/watch?v=L28555oaDI4
Basically you can queue solo or up to a party of 6 so everyone is welcome.
There are 5 tiers, Challenger, Advanced, Expert, Master and Heroic. Everyone starts in Challenger and those are the order of ranks.
There are 5 divisions in each rank and you get points and go up rank and get to the top rank heroic, which is the same as Hearthstones legend rank, in that you can't leave it and it shows your rank number against everyone else in that rank. The ranks also reset each months like they do in hearthstone, which seems to often for me but maybe you can rank up quickly.
So it will be out for release since it is already in game.
So What does everyone think?