In a post today, Lee Sharpe detailed changes to Magic Online events that will take effect after the downtime on November 16, 2016.
First, the 8-4 Draft Queue will be eliminated and replaced with an 8-4 Draft League. As a result the existing 6-2-2-2 Draft Queue will no longer award Qualifier Points.
Players who go undefeated in leagues will now be able to earn Prestige Avatars. There will initially be three tiers - Silver, Gold, and Mythic - and will be distributed once a league closes.
Finally there will be changes to Treasure Chests. They will become tradable and instead of awarding Play Points there will be an opportunity to win Booster Packs. As an incentive, 1 in every 10,000 Treasure Chest that awards a Booster Pack will award 36 packs instead. Additionally the chests have seen a change to their contents and now include some cards from Conspiracy: Take the Crown and Commander 2016.