Reset to Rank 5 can be quite dreadful. Those who R5 already maybe can get something to help or if not just a overall change needs to happen because with everything like bounties and buff. It's very hard to peel from other activities with friends.
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Maybe it should work something like the Tempered buff. At the end of each Iron Banner, you get a medallion based off of your rank. Come next IB, you can use it to buy a buff that increases your Rep gain rate (except for the duration of the whole event, unlike Tempered). The amount it buffs is based off of how far you got in last IB; higher rank means greater buff.