Crazy Idea: A functioning honor system?

The honor system in League of Legends does not do very much, and that is, perhaps, as it should be.

But it should do SOMETHING.

The main choke point right now is NOT a lack of rewards for BEING honored. You can get a cool little flag humbling telling everyone just how awesome you are, and honestly that is a good reward! The problem is that there is simply to reason to ever GIVE honor. No matter how friendly one is, only a small amount of people give honor points to anyone at all. So the way I see it, there should be rewards for giving honor as well as receiving it.

Of course, a reward for giving honer willy-nilly would be easy to abuse simply by giving out honors randomly, so I have three possible solutions.

1: An honor distribution cap. The current system does have a cap on the number of honors you can give, I think it's pretty high but perhaps a slightly smaller cap is all that would be needed.

2: Complicated math. Simply by tracking who receives honors and who gives them a clever system would be able to tell who is honoring people who deserve it and who is not. And spammers honors can just count for a little less, as they already do.

3: Rewards for only the first few honors. A system that only rewarded a very small amount of honors that you gave would allow players to only reward those who they feel deserved it without feeling pressured to honor someone just to get rewards.

And the rewards for giving honors would be very small too, just like the reward for receiving them. For example, if the only way to GET honors was to have already GIVEN an equal amount of honors I think that would be all that would be needed to incentivize people to honor each other.

But what do you all think?