As we were all expecting that in SharePoint 2016 the List View Threshold will be changed, it is.

List View Threshold changed from a maximum 5000 items per view to greater than 5000 items. Yes, you are reading it correctly, Now it is more than 5000 items in a view but what is an upper limit? Sorry, we don't know.

Upper Limit: It depends on the SQL hardware, SharePoint server's hardware, and structure of site collections.

Now they introduced new values for the following.
  • List View Threshold: Greater than 5000. Specifies the maximum number of list or library items that a database operation, such as a query, can process at the same time outside the daily time window set by the administrator during which queries are unrestricted. 
  • When adding or removing a column index, the threshold is 20,000 by default. 
  • When deleting a list or folder, the threshold is 100,000 by default. 
  • When renaming a folder within the same library, the threshold is 100,000 by default.
  • List view threshold for auditors and administrators will remain same at 20,000.
  • List view lookup threshold: 12 join operations per query
But keep in mind, we still can change these values at web application level.

With SharePoint 2016, MSFT introduced Auto Indexing the large list view in SharePoint. This means if List View Threshold is set at 5000 and item reaches 2500 in a list view then SharePoint automatically indexes the column.