Riot, I think you should reconsider the old soft reset formula over this current one.

Higher elo isn't effected by this change. Lower elo however is a complete difference. Back in the day seasons 1/2/3 all had the old formula of (x+1200)/2. X being current elo, 1200 being middle elo, and dividing by 2 to push people half way between recent rank towards the middle. This meant if you did poorly the previous season that the next season you had a chance to prove yourself from a fresh start.

So say silver 3 is the middle, you were silver 5. That means you would actually go to silver 4 on reset. This really effects most your player base. What if you tried your absolute best to place about gold 5 and you got there. You would've end up about silver 2 after reset. Nope, gold 5 players are landing in bronze if they don't do well in placements.

Yes, it's a new season. That means people should be given a fresh start. Not be weighed down and set back simply because they didn't perform extremely well the previous season. I'm okay with my reset. My placements didn't go well and I went from Diamond to gold 2. Doesn't bother me because I've already won some and got up to plat and heading back towards Diamond. But we aren't the same as lower elo. We understand the game at a much more advance level and our skills can carry way easier(plus the skill gap is so frekin huge for us that one of the five rankings of each tier is a whole new game compared to lower elos). However, Lower elo isn't the same, and they should be given a fresh start. Not a set back.

Lower rankings is most of your player base. Treat them well. They are the energy that run this game. Us plats/diamonds/master/challengers only make up less than 20% of your player base? If not less.

TL:DR Lower elo needs to be reset towards the average player ranking and not set back even more after doing poorly a previous season. New season means fresh start. If they don't perform well after a fresh start then they can fall down.