A predictor-corrector algorithm, such as a Kalman Filter, would handle the rising player better than our current system does. Additionally, such a system would bring in the uncertainty (“plant noise”) and increase the covariance over time. That means that the quickly-rising player’s rating would have a larger covariance, change faster accordingly, AND affect other’s (i.e., old people with plateaued ratings) less. The rising player’s rating would be a measurement with large covariance, thus affecting the state (opponent’s rating) less than do measurements with small covariance.
Ain’t math fun! (This is why PhD candidates write papers about rating systems!)