No, LoL does have an honor system in which you are given the option to grant a specific honor to ONE ally.
Tilt-Proof/Chill: An honor generally reserved for allies who never gave into anger or frustrated and maintained patience regardless of the trying conditions of a match such as unfavorable odds or negative attitude and behavior from allies.
GG/Friendly: An honor generally reserved for allies who helped make the game an enjoyable experience. Not exclusive to players who performed better, mind you. Players who deserve this honor are those who have a tendency to make you smile or laugh and feel comfortable to be around them, players who, win or lose, you'd like to see on your team again.
Great Shotcalling/Leadership: More often than not, this honor is bestowed upon players with the highest KDA on their teams. However! This honor is actually supposed to be given to players who consistently inform their players of their motives as well as informing players of missing threats and possible danger. Players who communicate with their team effectively are the true leaders of the game and not some M7 Assassin One Trick that murked the entire enemy team a few times.
At least that's how I define the honors and how I decide to distribute them.