During a recent livestream session on the Virtua Fighter Official YouTube Channel, VF5US Chief Producer, Seiji Aoki, announced that the game will include new modes and features in the upcoming update. Two of the newest modes will be Tournament and Team Battle Mode. There will be weekly tournaments for players to enter and earn exclusive title cards for winning. As for Team Battle Mode, this mode will feature 8v8 players akin to Fighters Megamix for the Sega Saturn.
The update will also include concurrent play during tournament/league matches along with other additions such as:
Changed side hit sparks
Lock stage during room match
Enable stage select upon rematch
Ability to filter rooms without passwords
Adjustments to allow sub-characters easier rank climbing when a main character ranks up
League match differentials count rounds instead of games, trophies, bug fixes
The official date for the update has not been stated on stream but the developers are at least pushing for a summer release. Virtua Fighter 5 Ultimate Showdown is now available on PlayStation 4 and is free to download with PS+ until August 2nd.
Source: GSK on Twitter