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.