From all the gameplay I've seen, it seems like everyone is level 20 again. In PVP, the players level is shown in the after-death screen as a light level, but I have a theory to why it shows level 20 as the player's tag in-game and in PVE.
I'm thinking, maybe, when Oryx comes to the Destiny world, he's filled with so much of the game's term "darkness" that it takes away people's current light level. This gives players an opportunity to level up their new class and XP bar.
I think the new XP level cap will be 35. Remember, it took 15 levels to unlock our second subclass, so if we took our base levels now, which is 20, and add 15 to that, we get 35. I don't think the light level will change. I think once we defeat Oryx in the raid, our light will be restored from what it once was, and the level cap will be 49.
Now I know there are lots of people saying that the level cap is 50, but I haven't seen official confirmation from Bungie on this. With my theory on the base level being raised to 35, and the light level being at 34 right now, if you added 15 to 34, as you did adding 15 to 20, you'd get 49.
In videos, you can see a player that is 49 in a crucible match here: https://www.youtube.com/watch?v=qOzF4D6EdiY&feature=youtu.be&t=6m14s
However, there is no indication of any players that are level 50.
I'm not saying I'm right, but this is just my personal theory; It could add some interesting ways and mechanics to get our levels up.
What do you guys think?
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in order to reset a player level to 20, they would need to either cancel all your ascended exotics and legendaries or take away their light level, we saw something like that in TDB and no one liked it so it's not gonna happen, if they're gonna do something about normal levels, they could change exp lvl cap to a higher number. as for max light level, i heard something about 40 but nothing is sure until they officially reveal it