In this work, we explore the Large Language Model (LLM) agent reviewer dynamics in an Elo-ranked review system using real-world conference paper submissions. Multiple LLM agent reviewers with different personas engage in multi round review interactions moderated by an Area Chair. We compare a baseline setting with conditions that incorporate Elo ratings and reviewer memory. Our simulation results showcase several interesting findings, including how incorporating Elo improves Area Chair decision accuracy, as well as reviewers’ adaptive review strategies that exploits our Elo system without improving review effort. These findings show how the Elo system affects peer review and offer insights for improving AI conference evaluation. Our code is available at https://github.com/hsiangwei0903/EloReview.