Per faculty/current students, the systems courses will be H/HP/P/F with no ranking (no quintiles on Dean's letter) for the class of 2027. These grades will be used to help determine AOA status (top 25% of the class eligible for nomination). The first two blocks (that make up your M1 fall "semester") are P/F.
At the accepted students day the current students said that admin are receptive to feedback, but the downside of this is that there may be mid-year changes to the schedule/grading scheme if the students really want something changed. In other words, what I have written above is tentative.