Is the Elo system applicable to a team oriented game?

I ask this question based upon the Elo system originally being designed for chess. League is more dynamic and as a result deserves a rating system to accommodate. I remember when Riot added the Tiers and Divisions into the ranking system, while it looks nifty I feel as if it falls short. You can't just dress up Elo with rankings and expect people to buy into it. Riot should revitalize the ranking system and find something more suitable for a team oriented game! The promotion idea for games is weak as well, best 2 out of 3? At least make promotion games played with summoners who are all in there promotions. That way it would be taken more seriously. I would hope to see some changes to this soon.