Leagues are calculated using profit, streak bonuses, quests, boosts claimed, and trader bonuses. In my current league (gold) I am fourth and set to be promoted almost entirely based off of streak bonuses. The person below me has more than 10 times my profit.

If leagues still include the mana made from streak bonuses on Jan 1st 2024 then this resolves yes. If they don't, this resolves no.

Edit: my profit is literally negative and I'm third in gold