The big 5.0 update for Valorant brings a new map, Pearl, removes an old one, Split, and changes the competitive tier system.
For the two weeks after Pearl goes live, Valorant will offer a Pearl only playlist. After those two weeks, Pearl will be folded into both the Unrated and Competitive modes. The map Split is also temporarily being removed from Unrated and Competitive map pools.
The other significant change is the addition of the Ascendent rank, found in-between the Diamond and Immortal ranks in competitive play. The patch notes cite concerns about the spread of players across ranks, especially in the lower tiers. An additional rank will assist, the notes claim, in defining the skill level of each rank and properly distributing players. In kind, the rank-determining MMR targets for all ranks below Immortal have been moved down, to make room for the incoming tier. In addition, the seasonal reset will be less harsh than before and after this patch, because players are being moved up into the Ascendent tier.
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Source: Game Spot Mashup