Premier Path to Pro

So I know the best contender teams go to invite and then they go to challengers but how do you qualify for contender. It says online either you have to play in an elite playoff match or be your entire team be immo 3 or higher peak. Is this true? or did I misunderstand? also is elite 5 better than elite 4 and thats better than elite 3 etc or?

bump (idk why I want to know, I'm not even close to immo 3)

elite 5 is better, I think you just need to have a lot of highly ranked players and win play-offs matches I think ? idk I'm still advanced