So there are a lot of people who are unable to understand the current system, here is a breakdown of what I understood so far -
We are moving into a franchise system where a select number of teams play
These teams have permanent spots. They will compete on a weekly basis and play against their own region (Americas, EMEA and Asia) at first.
Then teams will compete in cross region tournaments like Masters and Champions.
This league will be the front face and poster boy of Valorant competitive esports. Riot will most probably focus all media content and maybe do some other fun stuff with these orgs (like we see VCT stories on their YT channel) and skins based on orgs.
We are retaining the VCT circuit as it is
Tier 2 teams should not be scared. They still can participate in Riot-organized tournaments. Each major region (Americas, Asia and EMEA) is divided into multiple leagues. There are some changes to some minor regions like South Asia, Oceania and MENA shifting from tournaments like VCC and VOT which were mostly 3rd party ventures till now to official Riot leagues no different from the rest.
These teams qualify for a tournament called challengers ascended which is just basically a new name for existing tournaments like VCT APAC and VCT NA. Except this time, it will most probably reflect the franchising regions (Asia will compete as a whole instead of just APAC+SA +Oce in one tournament and KR and JP in others).
Teams who win the Challengers ascended will get promoted to the franchised leagues. Their contract will however be a short term of only 2 years. In comparison franchised teams are expected to cycle every 4 years. Through this "promotional period," they are expected to get new fans and hopefully become strong contenders for the next franchising reshuffle.
These matches will also be live streamed and have some sort of benefits but it is mostly similar to the first 2 years of VAL and nothing new. These orgs and teams are definitely less privileged than franchised orgs but at least they get an opportunity to make it to the leagues.
Qualifiers for challengers
Will be ingame now. There might be something like a new game mode where you 5 stack with your friends and if your team is good enough, you qualify for the challengers in your region. Earlier it was up to the TO to organize this like Nodwin in South Asia and PPGL in SEA.
This had obvious drawbacks as literally, anyone could register and you had literally Bronze players registering as a team and wasting time in tournaments like the VCC. Now teams will have to grind their way through this in-game mode to qualify for the challengers in their region.
If you think anything needs to be modified or I misinterpreted anything let me know I will make an edit.
Edit - So the ingame qualification system will probably release in 2024 so the VCT circuit is quite similar to 2021 and 2022 for now.