Elo definition and why it doesn't work anymore
For those of you who don't know, the league of legends ranked system is based on the professional ranking system of Chess - That's what elo is. The official definition is:
Elo Rating System - "The Elo rating system is a method for calculating the relative skill levels of players in zero-sum games such as chess. It is named after its creator Arpad Elo, a Hungarian-American physics professor. ... After every game, the winning player takes points from the losing one."
The problem here is that Elo was designed specifically for 1x1 matches, where it makes a lot of sense. If you are better than everyone you play against you will go up in rank - It's essentially a sorting algorithm. League of legends on the other hand, is nowhere near being an individual skill assessment. The outcome is heavily affected by the other people on your team, especially depending on the role and champion that you pick.
This was fine in the early years of league when Riot didn't really have the resources to make a new ranking system and they ran with the theory that over a large enough timeframe you will eventually impact enough games to even out where you should go. But as the game has progressed into a state of higher snowballing, higher damage, and higher power discrepancies between champions; each individual's ability to determine the outcome of the game has diminished to an all time low. Add in the way too often occurrence of AFKers, intentional feeders, and trolls (all which have absolutely no protections in place as a 1x1 system) and you have yourself our current ranked system.
The time has come to rework this system to one that takes into account individual contributions combined with team outcome.
Everything else has evolved over the course of the years, I think it's clear that this system has gone as far as it can.