Riot games are designing a 5v5 in game tournament for Valorant. They already have this system in their other game League of Legends, which they call clash system.
Valorant competitive designer Jon "EvrMoar" Walker in an live stream stated that they have been trying to figure out how to let 5 player play together competitively, as in the higher ranks the players are only allowed to solo or duo queue.
The Valorant community keeps on complaining about this issue. So to overcome this problem they are working on an system in which players will make a team of 5 to 7 players to play in an tournament together. In an Act there will be tournaments going on during act and if the players win any of the tournament they will get sort of a "golden ticket" and will qualify for "end of season tournament" which is going to be a big tournament for all the players who have won an Act tournament and its gonna play out at the end of the Act.
They will let 7 players to team up together so that they can swap teammates from the bench in between the game.
They also stated that this design or system is just in super early stages and they are still working on it. There is no clue when will this system be released.