My belt ranking level DID NOT budge. Lemme tell you why.
Every match that I was ABOUT to win, there was a rage quitter, costing me my honest win and rank upgrade. So after losing about three of my matches today, I decided to take my chances and at least break even and climb back to my original ranking and call it quits for today. I don't quit so I don't know...is there a penalty for quitting now? It makes playing ranking matches redundant.
If you quit when you are not the host, you receive the amount of belt points that you would have gotten if you finished in last place. If you quit and you are the host, nobody loses or gains any belt points.