I think most people posting here are a bit upset with the current PvP ranking system, I see lots of complaints on it and people begging Wizard101 to fix it, but I don't see people posting ideas to Wizard101 on what it should instead be.
I favor a system where you do not lose obtained titles, once a knight your PvP points should bottom out at the lowest points required to be a knight. Higher rank titles should also not be available to lower level players, that is to say if you are low level you should not be able to obtain the highest PvP title ranks until you level up enough to have that rank, if you would have too many points for your highest PvP level possible then your PvP points would simply cap out below what is required for the next title. This would help solve the problem of lower level players of high rank being paired up against high level players of low rank, and it would block players from making low level characters trying to level them all the way up to top PvP ranks by using equipment that a lot of low level players simply don't have.
To avoid people from unfairly running up wins by playing themselves over and over again when a player is operating more than one character at a time (something that many players do), I suggest a ranking system that keeps track of the names of who you win and lose against and their rank at the time you beat them. Only the last win or loss against any one player is counted in your total point score (if you want to cheat to run up your points you are going to have to create a whole lot of characters).
You should get PvP points based upon the title difference of who you are up against (remember low level players would not be allowed access to the higher titles). Points are only earned when you win against characters that are of your rank or higher. That is to say that the only way you can advance above being a knight is to win enough times against those of knight rank or higher.
To further avoid cheating by purposely dropping games to your friends to rank them up, people on your friends list should not be counted into the ranking system, that is to say that any match won or lost against a friend does not count them as a win or loss.
I don't think people like losing points in PvP to the point they lose titles, so why not have a PvP system that only counts wins against titled opponents. You either have a win or a loss against any particular player. If you have a loss against a player that you later win against, the win would effectively remove your opponent's point against you and give you a point against them.