We all know that balance is important. But smurfing is a bigger problem.
Get something done about it. Bad for new players, bad for lower leagues. I'm sittin here with all the time in the world, I could play this game that I love, and have spent more money on than I am willing to admit, but you know what? I actually do not want to play League of Legends, not because the product is bad, because when I run into a smurf or elo booster, I feel helpless, christ, it's gotten to a point for me that not only does it ruin game it makes it... boring. Smurfs on your own team? A stale 20 min surrender or their nexus down at 25min. Wow, what an enriching gaming experience.
Riot. Get to work on it.