Teamfight Tactics got a Ranked Mode

Teamfight Tactics'  Patch 9.14 has finally intoduced Ranked Play into the game and has also added Twisted Fate to the pool of champions available:

Ranked

FROM IRON TO CHALLENGERTeamfight Tactics ranked Beta Season starts in patch 9.14. If you want to learn more about our ranked system check out the developer journal on the topic.

Twisted Fate

COST2g

TRAITSPirate, Sorcerer

ABILITYPick a Card—Twisted Fate throws a card that randomly stuns (Gold), deals damage around his target (Red), or restores mana to himself and nearby allies (Blue)

 I have talked about TFT Ranked Mode some time ago:

Ranked TFT will be similar to Ranked Summoner's Rift as it will have the same tiers and divisions and at the end of every match players will gain or lose LP based on their performance.

However the devs have also highlighted the major differences between the to Ranked modes:

• You’ll gain a lot more LP when you finish a TFT game in first place, since you’re basically beating seven other players in that game. You’ll typically gain some LP if you finish 4th or higher, and lose some LP if you finish 5th or lower, but spots in the middle will have fairly small changes for most games.
• There are no promotion series in TFT. As soon as you hit 100 LP, you’ll promote and carry over any extra LP with you. Since there isn’t a single winner or loser in TFT, promotion series don’t translate very well.
• Since there are no promotion series, there’s less protection and it’s easier to demote. You’ll still only demote if you lose while at 0 LP.
• Your rank will feel like it moves a bit faster in TFT. Removing promo series and decreasing demotion protection means that your rank can jump more rapidly, and you’ll gain (and lose) more LP per game when things go really well (or poorly).
• Premade Ranked restrictions are a bit different for TFT. You can queue with up to five friends if you’re all Gold or lower. If anyone is Platinum or above, you’ll only be able to queue up as three. Check out the image below for the complete breakdown of who can queue with whom.

As for the rewards, Riot have some plans but nothing final yet so we'll have to wait and see.