With League of Legends' 2014 Ranked season coming to a close in November (exact dates to be announced in October), Riot Games has announced they will be adding a new Master Tier to the rankings.
"After concerns surfaced around transparency in standings among the highest-tier league competition at the end of Season 3, we committed to making the path to the top more clear for players who participate in ranked. Master Tier was designed to address these concerns and more," Riot Games said.
The Master Tier ranks between Diamond 1 and Challenger, and actually shares the same LP ladder as Challenger. Players who are successful in their Diamond 1 promotion series (winning three of five games) will enter Master Tier. What's neat is, the window to enter Challenger Tier will now rotate on a 24-hour schedule with no immunity.
"With the introduction of Master tier, we’ve changed how players achieve Challenger rank. Now, every twenty-four hours, players will be able to move into Challenger if they’ve earned enough League Points to place within the Top 200 players or Top 50 teams. Any player in Challenger who is no longer within the Top 200 will be demoted to Master.," Riot explained. It's also possible to be demoted to Diamond 1 from the Master Tier, if you've played at least three games in Master and drop below 0 LP.
With the addition of Master, there are now 7 different Tiers in League of Legends: Bronze, Silver, Gold, Platinum, Diamond, Master, and Challenger. You can check out the end of season rewards for each tier here.