A new way of looking at things.
This is a suggestion for how to deal with Vet ranks.
First with the Removal of Vet ranks one would be around base level 50, assuming the level cap was not raised. Lets assume that with the removal of the Vet Levels, level 50 becomes the max level.
The First and Major issue will be dealing with gear that is level VR1-14.
Option A: Keep the current set up.
Option B: Gut it.
Option C: Compress everything down
Option

Move current Vet level resources to Craglorn and Cyrodiil.
I will argue for a combination of Options A and D.
The next issue will be dealing with Skill points.
Option A: Remove the amount of skill points you can.
Option B: Make Sky shards and Skill points gained from quests available Account wide Like champion system.
as a disclaimer there are issues with other skills such as mage's guild as the books needed for rank 10 have to be collected from other factions. However the main nuts and bolts are the same as armor and sky-shard Issues, so My suggestion will be focused solely on those 2 areas.
First when dealing with armor, as part of keeping progression, it would not be useful to simply open up Void Steel armor, to a freshly Minted Level 50, if one could wear Void Steel at Level 50 this would make a fly over for all other ingredients that currently exist in the in-between from level 50 to VR14. this is universal from all other crafting skills from blacksmithing to potion making, people would just want the items that give the best benefit in essence removing everything else from the economy, so in part of the fix is to make things dependent on how many skill points an account has. by making sky-shards apply across toons, this allows new players to gain sky shards from the other factions when re-rolling toons, this would allow someone who has completed all the AD quest lines and starts and EP toon the ability to have more skill points available and access to better armor from the start, making the time to complete quests go much faster, further reducing the time it takes to quest grind. So, by making gear dependent on skill points you keep the progression and at the same preserve the current mats preventing them from becoming obsolete too fast. This would require a player to have a skill point total to use food potions and gear. Moving to A skill point total would allow current Vr14 the advantage of not losing ground, and would allow new player to move up to end game content at a faster rate. concerning Mobs, in order to tell if a mob is going to be hard to fight it would have to be displayed based on suggested skill point total equivalent to the gear that would be dropped from the VR equivalent monster. This of course would push all the Endgame content to Craglorn, Cyrodiil and Dungeons .
This may not be the absolute best way to fix the Vet system, but I feel its the most Egalitarian, Concerning Champion points, This would continue to be an Icing system, allowing any account that has reached level 50 to gain champion points. this way people are not penalized for rolling alts, being that once you complete the story line one, rolling a new player would not penalize you from missing out of a loss of ex for time invested. (concdieration here would be given to skill point total as someone with access to Endgame gear would complete content at an accelerated rate, therefore gaining less xp for having better gear should be considered to prevent abuse.)
Thank you for your time, let me know what you think.