To make a wild guess, this series is probably going to go to a point where blackmailing girl breaks down because she can't become #1 and will therefore lose her scholarship. That breakdown will then lead student council girl to soften her cold and harsh persona somewhat and do something something heroic, causing blackmailing girl to hopelessly fall in love with her. From that point onewards, commence ye olde trope of girl chasing cold, harsh, superhuman love interest who, despite being a dick to most people, somehow has a good heart that only the protagonist can bring out.
10/10, original story line, literally never seen before in a billion cheap hetero romance novels.
(obviously exaggerating here, this story might very well surprise and actually be good, just feels like this right now)