343 are hard at working improving Halo: The Master Chief Collection, continuing to update and upgrade the game after its undeniably rocky launch. Additional tweaks following the most recent patch have now added even more ranks and better skill matchmaking.
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As of yesterday, HCS and Team Slayer have finally been given ranks. These two playlists were perhaps screaming out for a ranking system more than any others--only Halo 2 Anniversary had consistent ranks, which had been reset numerous times. HCS is the competitive playlist that uses settings from the HCS pro circuit, and Team Slayer is the deathmatch-based selection of game modes across multiple Halo titles.
You can now grind away in these playlists and level up according to your performance, in theory matching against players of similar skill. More tweaks were made alongside these two ranking additions that work to ensure the skill-based matchmaking is more accurate.
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The matchmaking experience as a whole is much better than it was in the months after release, with games being found more quickly and smoothly than before. That was thanks to one major update that addressed the root problems with matchmaking, but there were still more features missing. Prior to these tweaks, the patch released just days before improved the base ranking system and added penalties to repeat quitters and betrayers. Before that, patches were focused on making smaller fixes to general matchmaking and parties. Enjoy the new grind!