Wizards has announced several changes to the way Magic Online events work.
* Competetive draft leagues are added. Single elimination events. Better payouts.
* Existing 6-2-2-2 draft leagues renamed "Friendly Draft Leagues"
* Prestive Avatars added to show how awesome you are through your avatar.
* Treasure Chests get better cards and EV goes up about 50 cents per chest.
* Treaure Chests will become tradeable
* C16 and Conspiracy: Take the Crown cards added to treasure chests
Full announcement by Lee Sharpe here: http://magic.wizards.com/en/articles/archive/magic-online/magic-online-event-updates-november-2016-11-09
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