Like a few others here, I'm dropping this.
I had hope to see something interesting when the MC actually realized he was OP... and decided not to be held back... but then he immediately lets himself get held back. Not even an excuse, misunderstanding or trickery. He is straight-up told to his face: "Don't get ranked, I'll tag you as the weakest. No compensation either."
There was literally no reason for him to accept the situation. He should have walked into the competition area, won, then dared the headmaster to remove the best student to ever walk past the gates of his school. One way or the other, this would have been interesting. That, or he could have bargained for some unofficial payment for letting at least some nobles keep their pride.
Instead, we're going to have the same old cliches forced down our throat, without even the flimsiest of excuses.
(If the last page is any indication, it has already started.)
I'll pass.