As said above, I tested these settings in a couple of custom solo DM games on Blood Covenant and Burial Chamber.

Again, your mileage may vary depending on your hardware.

So lets get started!

Display Mode

Recommend running in Fullscreen as it can provide less input latency making mouse movement more responsive.

Dont recommend using borderless windowed mode as it can potentially increase input latency causing mouse movement or general gameplay to feel less responsive

Here is a video by Battle(non)sense going into more detail (he used overwatch but it can apply to other games)

Aspect Ratio

Recommend setting this to your monitors native aspect ratio.

Resolution

Recommend setting this to your native monitor resolution, you can test lower resolutions and see if you get performance gains but I don't recommend that. Look at the next setting for more info.

Resolution Scale

I recommend setting this to 100%, however, you can set it lower to get more performance at the cost of making the game a bit blurier and a bit more aliased. I recommend using a FPS monitoring tool as well with this (Rivatuner or even steams built in overlay) as it can help determine what the absolute lowest resolution scale you can go before you hit a performance wall.

An extra thing to note, if you have the GPU power for it, you can increase the render resolution higher to make the game look a lot sharper at the cost of performance.

Target Display

Set it to your main monitor.

Visual Quality Preset

Will be set automatically to Custom when changing video settings.

Brightness

Mostly preference, can leave it on the default 0.5, however I set it to 1.0 or 0.7 to make the game brighter and make enemies more possibly more visible.

Horizontal FOV

Mostlly preference as well, however it can affect performance.
Higher FOV = more visiblity, but at the cost of performance due to more objects being rendered in view.

I dont really recommend anything for this because its really pure preference, but test out different FOV values and see what works best for you.

Vertical Sync [V-Sync]

Leave it off, useful for stopping screen tearing, but introduces input latency.

Shadow Quality

From what i've seen this controls shadow resolution of dynamic shadows.

It doesnt really impact performance like in most other games so you can keep this at Ultra if you want.

Setting this to Low may or may not give a 1-2 frame boost.

Recommend just setting this to Ultra.

Lighting Quality

Ultra-Medium perform and look roughly the same.

Setting to Low removes all dynamic object shadows (chains on blood covenant for example) and may give an increase in performance.

Interestingly, you may see improved load times with a lower setting for some reason.

I really dont know why unless im missing something.

So set it to Medium for if you want dynamic shadows.

Set to Low for max performance.

Effects Quality

This affects performance quite a bit, this setting mostly affects volumetric fog and light shafts found in maps and the main menu.

Setting to Low will completely disable volumetric fog, light shafts, viewmodel shadows, as well as realtime/cubemap reflections while increasing performance.

Setting to Low now also reduces particle quality.

Setting to anything other than Low will reduce performance by a large margin, but will retain the most map environment effects.

So I recommend Low for max performance.

Set to Medium to retain particle quality.

Set to Ultra if you want maximum eye candy.

Comparison of Effects Quality settings[i.imgur.com]

Used a gif for the effects quality comparison, so it may look a bit noisy, but the difference should be noticeable still.

Texture Quality

Use the suggested texture quality setting based on how much vram your GPU has.

These were tested with using all options set to low, medium, high, and ultra for the specific texture quality so your vram usage may vary based on what settings you use.

Please note that you need 16+GB of dedicated ram/memory to use texture quality settings above Medium!

Ultra: 5-6+GB
High: 5GB
Medium: 4GB
Low: 3GB

Something I've noticed in the comments was that usage may vary from person to person so these values may not be representative for everyone.

Details

This appears to control tesselation on some objects and parts of maps. It also affects decal textures such as blood splatter and bullet holes. May affect gibs as well but im not sure.

Performance change may vary depending on what map is being played.

Setting to Low will disable all of the above and gain a nice amount of frames on some maps. (Burial Chamber and some areas in Blood Covenant for example.)

Comparison of Detail settings (tesselation only)[imgur.com]

Post Processing

Enables Ambient Occlusion and menu/game depth of field.

Ultra produces more accurate/higher sample ambient occlusion compared to High/Medium which impacts performance, dof looks the same as high/medium.

High and Medium look/perform exactly the same with in regards to ao sampling, also depth of field is enabled, a lot better than Ultra for a slight quality decrease.

Low disables ambient occlusion and dof completely, and performs a lot better than the other settings.

Set to High/Medium to keep AO and DOF (same quality/performance for both mostly).

Set to Low for maximum performance. (possibly 5-10ish frames over High/Medium)

AntiAliasing

Uses FXAA and TAA for the AA solutions, fairly inexpensive imo.

Medium is FXAA by itself
High is TAA by itself
Ultra is TAA+FXAA

Feel free to keep on High or Ultra.

Personally though I would use High or even Low to prevent blurring from FXAA

Texture Filtering

Affects texture clarity/rendering at oblique viewing angles.
Setting to Ultra can sometimes affect performance by a couple of frames, but I think its worth it as setting lower than ultra can make textures look really bad at certain angles.

Recommend setting to setting to Ultra or set to Low and forcing anistropic filtering via your gpu driver/control panel.

FPS Limit

If you used this previously via the cvar command, it is now included in game as an option.

However it may be automatically on for some who may not need/want it, feel free to set it to infinite (drag it to the right)

If you really need a FPS limit, please use an external solution like rivatuner as the internal frame cap is really unstable and unreliable, be warned that this may increase input latency

UPDATE: Please check the Potential frame time/frame pacing fix in the External Optimization section for another possible solution to frame pacing!

UPDATE2: The September update that will release on the 6th should include performance/frametime improvements that were implemented in the PTS, so a fps limit may not be needed anymore if this was your reason for using it.

Basic Windows Stuff

Set power plan to high performance.
Close unneeded background applications and browsers.
Update GPU drivers.
Keep your OS updated.
Don't do unnecessary registry or other changes.

Nvidia Control Panel settings

Ambient Occlusion: Not Supported (Controlled in game via the post processing setting)
Anisotropic Filtering: Application Controlled (Can be set to 16X as well, as its not really impactful)
Antialiasing - FXAA: Off
Antialiasing - Gamma correction: Off
Antialiasing - Mode: Off
Antialiasing - Transparency: Off
CUDA - GPUs: All
Maximum pre-rendered frames: 1 (Can set to 2 if game isnt smooth, will add some input latency)
Multi-Frame Sampled AA (MFAA): Off
OpenGL rendering GPU: Auto-select
Optimize for Compute Perofrmance: Off
Power management mode: Prefer maximum performance
Preferred referesh rate - Highest available (Important for high refresh rate monitor owners!!)
Shader Cache: On (try it set to off as well, may increase performance)
Texture Filtering - Anistropic sample optimization: On
Texture Filtering - Negative LOD Bias: Allow
Texture Filtering - Quality: High Performance
Texture Filtering - Trilinear Optimization: Off
Threaded Optimization: Auto
Triple Buffering: Off
Vertical Sync: Off

I didn't really see any improvements myself, but people have reported improvements by removing the Quake Champions folder in their appdata directory using the following guide:

https://bethesda.net/community/topic/113824/possible-fps-performance-fix?page=1

Please note this will reset your video and game settings such as directional keys, speedometer, auto-switch, razer chroma support as well as your mouse sensitivity.

Hotkeys for weapons should be retained but check those as well!

Make sure to change those settings back before playing!