Grievous Wounds need to be changed
First off, you should have counterplay to healing besides "bigger damage", so we can't remove grievous wounds entirely.
The problem is, healing-based champions are either 1) weak vs grievous wounds and balanced vs none, or 2) balanced vs grievous wounds and OP vs none.
Neither of those are good options. Also, sometimes a fed champion with lifesteal can tank better than a dedicated drain-tank. Healing should not scale very well with being ahead, because that's toxic design.
SO, how to fix this? I propose treating healing like invisibility was treated: separate it into categories. There would be 3 categories:
- Heals
- Regeneration
- Drain
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Heals are things like champion abilities, health shrines/plants, or

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Regeneration is a stat (just like now).

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Drain is when you heal based off of damage. Lifesteal, Spell Vamp, and items such as
and
.
Make grievous wounds effect each category differently.
Heals should be affected based on your current health. If you're low health, grievous wounds won't have much effect (-20% or something like that). If you're high health, they would have a large effect (-60% or something like that). This way, healing is better when you're behind (taking more damage) and worse when you're ahead (taking less damage).
Regeneration should just get a flat reduction, but less than it is now (-30% or something like that). If
or
become OP, it's an easy change to just lower their numbers a bit.
Drain should have a high reduction (-50% or something like that) since it is always based on your damage, and is snowbally because of that.
Notice I haven't said anything about the items. I think they're pretty balanced, because Morello has a gate, and buying Executioner's Calling means you're giving away 15% bonus physical damage. I think the real problem is in the grievous wounds, not the items.