Hextech Crafting: Owning Every Champion

Hey so, I have a question. Does the blue essence do anything other than unlock champions?? Most of the people I play with really like the new crafting system as an intuitive way to both entice new players and reward veterans for their hard work. Unfortunately, I'd say most of the people I play with own every champion.. Is there anything else we can do with the blue essence?? Can it be used perhaps for runes / rune pages / IP Boosts (moar name changes~) or something? I individually have 20 rune pages and could easily stomach more at my maximum capacity, perhaps 25 would be enough. That's neither here nor there and specifically, I may be an edge case so I don't want to be the only sample size pulled from this post.

If blue essence is ONLY used to unlock champions, what else can we use it for? Was this an intended design? If so, why? Could we have just a collective one essence system? Otherwise we're going to be sitting around with 50k blue essence lol.

Love you rito, please let me know if I'm being a potato.