Overwatch Season 1 will end on August 17th at 8:00 pm EDT, announces Blizzard. The current plans is to launch Season 2 on September 6th, though they admit the possibility of a delay. There are gifts for all participants, and more rewards based on peak skill ratings:

SEASON 1 REWARDS
If you completed your placement matches during Season 1, you will eligible to receive a special spray and player icon. These will be unlocked automatically when you log into your account the first time after the season ends. If at any point during the season you managed to break into the Top 500 players on your platform (and in your region), you’ll receive an extra player icon and animated spray on top of the other seasonal rewards.

Aside from sprays and icons, you’ll also receive a number of Competitive Points based on the maximum skill rating you achieved during the season.

Here’s the Skill Rating (SR) to Competitive Point (CP) breakdown for Season 1:

• SR 0-39: 10 CPs
• SR 40-45: 20 CPs
• SR 46-49: 40 CPs
• SR 50-52: 60 CPs
• SR 53-55: 80 CPs
• SR 56-59: 120 CPs
• SR 60-64: 200 CPs
• SR 65+: 300 CPs