Exactly, it can't be called as "franchising" because it's not like LOL, where you have to buy an spot to get in the international league.
In Valorant, it's called partnership: Riot decides 10 teams for 3 international leagues (EMEA, America, and the rest of regions) based on their project (fanbase and finantial stability) and Riot pay these teams so they can compete with the best roster and attract more people to Valorant scene with their own brand (narrative, merchandising, vlogs, ¿skins?...)