Did I miss the explanation for...

The little blue flags/banners in the corner of the champ avatar? And what the numbers mean? When I add a 3 star mephisto to my party I get a flashing message, "your prestige just went up" how does that help on a 3 star team?
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The little blue flags mean that your champ is able to be ranked up.
Seeing post above mine, if they have the blue up arrow in upper right, they can be ranked up. Starburst will be lower right.
not gonna comment on this matter