^ The problem occurs though because of the lack of players. Ranked games will either be pugs or matches. New players don't get overly involved in this. I think right now, based off the amount of downloads per day you get, we should be focusing on retaining new players. Once there's a mediocre clan scene again, then something like this becomes more relevant.
I played LoL purely because of how easy it was to find tournaments/play competitively at any level. That being said, it was because I love doing stuff competitively. Anyone with similar mindset will likely have a better gaming system, and look for a larger-scale game with real prizes. Right now, 12 year olds no longer are playing on their parents windows 95 computer with dial up, they have top of the line computers with high speed internet. They are not settling for lower games. So, this games appearance, and basics need to be improved to maintain them. Ranking system doesn't draw them in - since no real prizes come of it.
I think the website promoting competitive play would benefit more, as new players would also see something about the competitive nature of the game when they visit to download/makeaccounts etc... It'll show them that the game is large enough for a competitive scene, so even if they get in a server alone they may not instantly quit. But Ranking system would not matter to them for a long time with the learning curve in this game.