Sony has announced it is making some major changes to the PlayStation Trophy system, specifically the way levelling works and the number of ranks that will be shown. Currently, the trophy level range sits between 1-100 but with the new change that range will now become 1-999. This means the current trophy level you have will be reconfigured to match the new system. An example given by Sony states that a player with a Level 12 trophy score will be converted to a level in the low 200 range. This will be determined by your trophy level and quality of trophies you have unlocked in games.
Sony will also be introducing new Trophy Level Icons and these will come into effect on PS5 and the PlayStation companion app. At the moment the icon is the gold star but in the new system this will change to bronze, silver, gold, and platinum trophies. You can see what the icons will look like and the levels they apply to in the image below.
Other than these changes the trophy system will act as normal. Your trophy level will carry over to the PS5 just like it did between PS3, PS Vita and the PS4, so no need to worry about losing trophies you have unlocked already. The change with the system will begin tonight in North America and will roll out across the world over the next couple of days. The new system means players should be able to advance through levels at a faster pace, with earlier levels much easier to progress through.
Source: PS Blog