I hope they do something like a South American Challengers like they did with the LCQ. Mostly bc LAS and BR regions are really linked together. That'll mean that most of the SA players willl move to BR 'cause of salaries and it's the center of the region, but that also means more posibilities for orgs to join the game and players to get signed and make a living from Valorant.
About LATAM orgs, most of them will be like SA CS orgs, tier 2 teams with top players moving to BR. Most recent example being 9z try going to 00Nation (with coldzera), and even more known: meyern to Sharks and MIBR.
SA Challengers would mean the fall of LATAM orgs but the rise of some of the best players in the region.