Q u o t e: Same titles, same reward (netherdrake but a different colour), anyway season 1 ranks will be removed.
What he said :-)
Season 1 title holders will be stripped of their rank when the Season 2 ranks are distributed at the end of Season 2 (like any title in sports - you can't be the world champion is you didn't win the most recent season) and the reward for Season 2 will be a (noticeably distinct) armoured Netherdrake.