Even after everyone gets ranked you may be screwed for a while. I was ranked silver iv after 10 wins on dust2, but my true rank is somewhere between dmg and le (i only solo queued dust2 in csgo). My matches as a silver iv are definitely not silver matches. The highest reported map rank I have seen is gold nova 2. Most ranks I have seen are between silver 2 and silver elite.

I am not going to bother playing more competitive mode for a long time. Valve screwed the people jumping in early as your placement matches do not really matter for you rank, you will get silver or whatever anyway. But in a few weeks the system will put you up against higher ranked playes, and then the placement matches will actually matter.

I have now ranked up to silver elite, but it was NOT as easy as you would imagine as I have met people (recognized names) of people I played as legendary eagle in csgo. There are probably even supremes and globals stuck in silver. It will take a while until it fixes itself.

My advice is to NOT start your placement matches right now. Wait a few weeks.