New currency via "Daily quest" + IP sink
For purposes of a lack of a name, Ill just call it locked RP.
The daily quest would consist of -Winning A bot game -Winning Twisted treeline game -Winning normal/ranked game
This promotes more playing of your game (always a good thing) upon completing quest you get X "locked RP". Which can be used for possibly :
-One time random skin use Maybe I want to try a few skins of a champ to see what AA's look like etc. Is the skin just a recolor, or completely different like Brolaf for example.
-Access to featured game modes Rather than waiting a year for urf, maybe I just wanna save some locked RP and go on an urf binge for the weekend. Which also allows Riot to have all those featured modes constantly available, rather than patching them in and out.
-Buy skins Not all obviously, Riot is a business. Some skins however is reasonable. The cost should/could be 3-12 months of daily quest completion depending on what skin.
And finally, you could allow locked RP to be purchased with ip. There is your ip sink for those who have all runes and champions bought with 200k ip just chillen. You could add caps to amount of ip spent per day/season/whatever.