In the near future there will be some massive updates by Riot Games for LoL, here is a few of the main things they will be updateing:
In-game Tournaments
The in-game tournament system is an upcoming feature that will assist users in setting up League of Legends tournaments. Eventually users will be able to easily create rich tournaments within the PVPnet client with their own teams and tournament rules. The system will also allow us to associate prestige awards, recognizing the winners and awarding prizes and achievements. Please read on for more excellent changes.