Reportedly throw ranking system (5)
I believe the answer is:
caste
'ranking system' is the definition.
'caste' can be an answer for 'system' (caste system is a kind of system). I am unsure of the 'ranking' bit.
'reportedly throw' is the wordplay.
'reportedly' indicates a 'sounds like' (homophone) clue.
'throw' becomes 'cast' (cast is a kind of throw).
'cast' is a homophone of 'CASTE'.
Can you help me to learn more?
(Other definitions for caste that I've seen before include "place in society" , "A sect (anag)" , "Hereditary social class among Hindus" , "Large, long-necked, wading bird" , "Social group in India" .)