Although this definitely in the right direction and I applaud them for that, I have a few problems/issues with it:
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The time the AFK system activates is during (and only) the beginning of the game, this is problematic because these people who AFK in the beginning of the games like this are most likely experiencing computer/internet difficulties, and want to join the game as soon as possible. This has even happened to myself, as I was pema-stuck in the loading screen for 4 min and joined well after the game was started (mac bugs op). Only punishing these people at 1-5 min start of the game is pointless, as they find themselves responsible (they are the only person to get the loss) for Riot's bugs and their own Internet complications.
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The fact that you can not use this system after first blood is drawn is also a major drawback. The majority of "problem" AFK's occur after the start of the game where a person(s) feeds (intentionally or not) and goes AFK for the rest of the game. The fact that this system does not cover this is also problematic, because this was one of the main reasons WHY we needed a AFK system in the first place.
Other things to consider is the fact that the current AFK system is relatively hard to abuse, you have to give it that. However, that does not downplay the other issues it has (as stated above). Furthermore, to prevent innocent players from being punished/people abusing it, a system similar to the Tribunal system could be put in place in which (chat logs/game statistics/who is qued together), would be analyzed and a punishment would be handed out accordingly. I believe that if a AFK system would be put in place in which it would be triggered when a player(s) have been AFK for 5 or more minutes regardless of its the beginning - end of the game, would be far more efficient, and if a tribunal-like system was paired up with it.