I've felt this somewhat. It's likely Pseudorandom - random, but with some basic rules to make it a bit more coherent. A lot like how some survival games are: The world is random, but it still has rules that it follows to make sure you can survive.
Now. I obviously have no way to prove this. But the obvious rule is this:
- Everyone gets a unique champion, and it makes sure that everyone can get a champion.
And here are some basic trends I've noticed:
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If someone dodges, you're likely to get the champion you originally had, if you didn't reroll them. Most of the time this doesn't happen, it's because someone else got the champion.
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If someone's champion pool entirely overlaps with yours (you own every champion they own, and then some), it's slightly more likely to give you a champion they don't have than one they do.
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It attempts to somewhat balance out the teamcomps. It's unheard of to see 5 of a single class in a game. The worst I've seen is 4 mages and a tank.
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It tries to not overload a team with crap champions.
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It tries to not initially overload a team with strong champions. (However, rerolls are unaffected by this).
And, let's not forget: People can reroll every game or two. Usually, I get 2 rerolls every 3 games. This means a lot of people are rerolling for good champions.