So, I read that today there is supposed to be a soft elo reset. What does that mean? I've been trying to look into it for myself but it seemed at first that we would begin seeding from our final elos but now in the patch notes it says the players are being "pushed" towards 1200. Is our elo changing and if so by how much?

No one knows?

Its something like:

your current elo + 1200 / 2

I don't remember off the top of my head if that is the exact formula but a soft reset tries to normalize around 1200. This means if you have like 500 elo, your new elo will be like 850ish, and if you have like 2000 elo, your new elo will be like 1600.

This is to use what the system already knows about your skill. A 500 elo person probably isnt magically going to go to 1200 elo at the start of the season and a 2000 elo person isnt going to drop to 1200 either. It's to make sure really good players dont play with really bad players and both sides have a horrible game because of it.

because yolo

wut

You'll get matched up around the 1200 ELO range initially, and people below 1200 will get raised a little towards that rating also. Plat players will gravitate around 1700 ELO (I believe) and start the grind all over as well. I can't remember off the top of my head if there is an ELO rating hub in between those 2.

A full ELO reset wouldn't take your final ELO into account for the new season in comparison to the soft reset and would be a complete fresh start.