From the information that we have currently, VP is expected to reset back to zero (0) at the start of the next PVP season (Oct 7).
If you have any “icons” not converted at the time of reset, they will auto-convert to 20% of their value (as mentioned in the latest update 8.1 Update: Quests, Maps & More)
From what I see on this forum, the community sentiment is against this.
I am personally against it as well, and suggest that no one should have 800,000 VP as a target. I’ve been doing 10,000 VP a day (with the target of 560,000) since the start of the season and even I feel burnt out. The past few weeks, I’ve just dropped this game during the week and try to make up over the weekend.
I think they should really be resetting the League, not the VP.