Elder Scrolls Online creative director Rich Lambert made a post on the game’s official forum recently that should lead to much rejoicing. Unless you like eternal grinding, of course. Lambert says that the much-reviled veteran rank system is on the chopping block, though ZeniMax is “still working on the system — nothing is finalized (which is why we’re not really talking much about it yet).”
In a nutshell, dinging 50 will move your progression directly to champion points instead of the current VR levels. If you have veteran ranks when the change occurs, they will be converted to champion points on your highest level character. Lambert says that while the design is still in flux, a rough estimate is 10 champion points for every veteran rank, so 160 CP will equal VR16.