I like that again there's an easily identifiable path to pro for any person to qualify, but I'd hold out on a personal opinion until they reveal all the details.
Everything about Riots system is to make it harder and harder to have a team to do well for long because they'll just get players poached by franchising.
It seems kinda pointless to take it too seriously. Probably fun with a group of friends though.
Maybe for individuals but not for a solid team so you're probably never going to get a Cinderella run that works for a whole premier team, no matter how much work they put in.