Thanks to Foxy on the official forums for writing all this out.
You can find the playlist via Barebones > Competition.
Disabled content within this playlist:
• Flak Jacket
• Second Chance
• M72 LAW
• China Lake
• Rapid Fire
• Grenade Launcher
• Flame Thrower
• Nova Gas
Frequently Asked Questions
• No killstreaks.
• No equipment whatsoever.
• The playlist has a subset of the most competitive maps as agreed upon with members of the competitive community. It does include Escalation and First Strike maps. You can still vote.
• Minimum and maximum player counts are set up just like Team Tac. We recommend you go in with a party of 4.
• One might argue that banning Ghost is pointless, since the playlist has no Killstreaks taking Ghost gives no advantage.
• The playlist uses variant game mode rules. For example: Search and Destroy has a lowered game round timer, switches sides, and modifies the game mode timer.
• The playlist will be available with the next game update. As we are not 100% in control of when Microsoft or Sony will release the update providing an exact time is difficult.
• The video contains the list of banned weapons. All secondary launchers are banned; everything else fair game.
• Subject to some caps on the number of restrictions, the list of allowed/disallowed weapons, attachments, and perks is easily modified.
• We believe that both First Strike and Escalation have some competitive maps and want to see online leagues add them to the line up.
• Domination spawn delay should be set at 7.5 seconds.
• The playlist still impacts your stats.
• The playlist does not have it's own leaderboard. That is out of scope since it's made up of multiple game modes.
• Search and Destroy, Domination, and Capture the Flag are the principal game modes in the Competion playlist.
• Party chat is currently enabled.
• Search already uses a 1.5 round time limit.
• If the MLG unbans Rapid Fire and bans Steady Aim, we will consider making that change as well. However, it's important to note that MLG is not the only competitive league. The Competitive playlist will be modified, as necessary, when the ground is common or be somewhere between the extremes.