The only real objective measure in this game is how many wins an losses you with regard to level of opponents you're playing.
So a less skilled player lucky enough to get placed with great teammates versus a higher skilled player who is unfortunately placed with less competent teammates or leavers should have a higher ELO? Though the wins and loss measurement is indeed objective, it does not paint a good overall picture.
In fact, going by only wins and losses, punishes players more than it rewards players based on the current system. Many times, games are won or lost based off a few individuals. This is especially true for lopsided losses.
the current matchmaking system lets us constantly get paired with less competent players, leavers, and trolls to put many players on losing streaks that see us losing 20+LP per game. While we only gain 15-16LP per win. In fact, depending on the time of year and day, trolls and leavers come out of the woodwork like they sprouted from some overflowing treasure trove. So these 15-16 LP wins are hard fought and hard to come by, while the 20+ LP losses are much more frequent. With this in mind, the fall down the ranked ladder becomes somewhat of a snowball effect that is incredibly hard to bring to a halt.
My ideas for matchmaking changes
http://boards.na.leagueoflegends.com/en/c/gameplay-balance/shyhqKUW-an-idea-for-riot-matchmaking-changes-please-read-and-bump
