You can try the beta version of 2.2 if you like. It's the latest, but it IS still in beta......
Player rankings, when configured to sort by chip count, sorts in DEscending order, meaning the highest chip counts are at the top.
When configured to "sort by rank, name, chip count", you'll get the players still in the tournament first, sorted by name, followed by the players who are busted out, sorted by rank (ascending, so the lower ranks are at the top) and further sorted by name in the case of ties.
When configured to "sort by rank, chip count, name", you'll get the players still in the tournament first, then players who have busted out. Players are all sorted by rank, then by chip count in the case of ties, and then name in the case of ties with players having the same chip count (chip count is not automatically set to 0 on bust out).