If SR GC gets into challengers what happens to the main SR team because they are already in challengers ever since moist merged, I don’t think they would allow both SR and SR GC to be in the league together
The usual COI rules don't apply to the GC teams, Riot made that decision to facilitate more teams investing into the GC circuit because there would actually be upwards trajectory for the projects which wasn't possible before.
Both teams will play but we will just have to hope that there isn't a situation where both teams can go to playoffs only if say the male roster happens to lose their head to head but only one would go through otherwise. If that's the case is love to see how they would go about fixing that.