First Punishment, How Does it Work?

Received my first punishment today, got a chat restriction.

Not arguing whether or not its deserved, I know I can be toxic and that it was probably gonna happen but to be fair, in my 5 years of playing this is my first ever punishment and most of my toxicity is aimed back at people who are being toxic to me or my teammates. I'm not the kind of toxic person that just just flames to do it, and I never int, my toxicity is always provoked and aimed at the person that started it. Still deserve the punishment though.

How exactly does this work, I play the required amount of games to get rid of the restriction and that's it?

How do I get ranked rewards back? This is my first year ever being plat, climbed from silver to low plat and I'm pretty proud and would very much like my rewards for it. Is there still time to earn those back?