Kalista's rend should deal bleed damage
Specifically, Kalista's rend should still deal instant damage, but a flat amount, and then bleed the target out over a few seconds based on how many stacks of spears were in them.
This does 2 things: 1, the biggest thing, her rend could no longer be used as a smite for ridiculously strong objective control. Paring down some of her extra strengths would let her be strong around her most iconic strengths, her kiting/dodging and her synergy with her support.
2, it also gives her opponents more time to react to the threat of rend's damage, and certain supports with shields or heals especially could counter rend pretty well.