When viewing the Team Planning board in its split Planning View, the order of items shown on the left pane do not match the order of items shown in the Release Backlog panel.
Release : SAAS
Component : AGILE CENTRAL
This can be caused by having sorted the list on the left by ID or Name. The panel on the right is always sorted by Rank. As you can see there is no option to sort by Rank in the left pane for this view.
Click the Backlog view button in the upper right of the application to return to the full screen Backlog View:
Once in the Backlog View, the Rank column is now visible to sort on: