Of course Pantheon doesn't match up players based on skill (seems like a tertiary consideration), so that does not really fix anything.
It does base it on skill depending on your perspective. The problem is that there's not enough players in queue so while a high ranked player may fight the highest ranked players available it doesn't mean they're going to be fighting good players. Regardless premade vs. premade would be better than the current system regardless of the skill of said premades.
I think that the whole pantheon theme is going to need to be ditched sooner or later. Even if they did get a team pantheon functioning premades still aren't going to play it when they're forced to pick either light or dark and their possible opponents are cut by more than half because of the light/dark distinction, though I can see the humor in forbidding Sedna+UB combos.
Also the periods between pantheon rounds aren't going to cut it. It'd be absurd for them to dump so many resources into building premade matchmaking and then having bi-weekly four day downtimes between pantheon mini-seasons.
Then let's not forget that they need to hide the names of your opponents at the connection screen so that people can't queue dodge and ramp up wait times, as that's only going to make the system less popular which means less players which means more wait time and less accurate matching, which will all add to it being less and less popular and so on.
So... I hate to sound all doom and gloom, but even though of course some of the things I would want aren't completely necessary, the project of arranged matchmaking seems too ambitious for post-release.