Profiles are the default settings for:
Environmental variables for Gentoo they can manually be modified or appended in /etc/portage/make.conf as USE the use flag list.
List of system packages
Open the upgrading guide https://wiki.gentoo.org/wiki/Upgrading_Gentoo and see what to do. There is also a description in https://wiki.gentoo.org/wiki/Profile.
eselect deals with the profiles:
eselect profile list shows all profiles available and
eselect profile set <number> lets change (update) to an other profile.
It modifies where the link /etc/portage/make.profile (previous /etc/make.profile) pointing to the selected profile.
Cascaded profiles are used that include other files and directories.
There are also sub profiles as desktop/plasma desktop is the profile and plasma the sub profile. Sub profile directories are just relevant if the profile selected contains a sub profile otherwise they get ignored.
The following files appear in a profile
eapi holding 5 an deprecated eapi version number, it could be understood as profile version definition.
parent holding a link to an other directory containing files and directories, There is the base directory that holds definition for the start as the system packages.
make.defaults holds mainly the use flag settings to be appended, if conflicting then the last appended win. It however can hold every thing else targeted for /etc/portage/make.conf. Some of the variables overwrite the values others as use append.
package.use defaults for /etc/portage/package.use
package.use.force works as package.use except ignores global use flag settings
package.use.mask force the use flag settings and must be unmasked when not agreed
use.force sets use flags for all packages must be unmasked when not agreed
packages required packages
packages.build hold the packages required to be build
The results of the global settings as use flags and other environmental variables can be observed by emerge --info (not emerge info, this would emerge the info package)
The result of the package useflag settings can be observed by emerge -pv <package>