With the Team Shokugeki won by the Rebels, everyone’s expulsions are canceled and their student IDs returned—albeit in far worse condition thanks to the abuse to which Momo subjects Bucchi. Azami steps down from the directorship, while the eight Elite Ten members who participated in the Shokugeki for Central lose their positions, freeing up the spots for the rebels.
At first I thought Erina would take the first position in the New Elite Ten, but instead she acknowledges that none of the rebels would have been victorious were it not for Souma’s actions, so she recommends him for the top spot. At the same time, Senzaemon is content to remain retired, so it’s Erina who takes over as director when Azami vacates the position.
With the third years moving on to the next stage of their lives, the New Elite Ten consists of Souma, Satoshi, Terunori, Akira, Ryou, Alice, Takumi, Etsuya, Nene, and Megumi. Both Souma and Erina are far busier with their lofty new positions, but Souma makes it clear to the whole school that no one will be punished for siding with Central, and anyone—anyone—is free to challenge him to a Shokugeki at any time.
With the Rebellion triumphant, the episode basically takes an extended victory lap, as the framing device of a letter narrated by Tenth Seat Megumi shows us where everyone has ended up, and how a number of characters have made slight updates to their appearance for the new school year. There’s even a quick glance a a new potential challenger to Souma and/or Erina, who may be a new first-year. Further developments will have to wait until the fifth—and likely final final—season.