I agree with everyones points so maybe there could be further breakdowns within elite.
eg. Elite A = rank 1-50,
B = rank 51-100
C = rank 101 - 200
D = rank 201 - 300 etc.
With this you could allow the current system to choose whether you only want to match up against Elite or also Plat, Gold etc.
Then you could also use this if you only wish to face similar ranks within your level.
One thing I think should be implemented however is you have to face people your level. You cannot have "My Level" set to "I never want to play with" whilst having "Far from my level" set to "I'm okay playing with". This way it is a competitive environment and players have to beat those of similar skill and can't choose to grind low ranked players.