Remove ALL Chat
It is so toxic that I can't believe it is still in this game considering the toxicity of the player base. It baffles me that you, Riot, give toxic players a tool to be toxic for what gain really? Does having ALL Chat a thing make the game experience substantially better for the flaming that is causes? I feel the cons of it far, far, far outweigh the pros of it.
...and before you say, "Well if you don't like it don't use it," and I don't use it, but I am forced with players that do and are too busy either flaming the other team or getting flamed instead of keeping their head in the game (if they even have the capacity to without it). It is a team game and I would like my teenage teammates to have as few distractions as possible so that they can concentrate on communicating with our team in order to win.
tl;dr It is far more detrimental than it is beneficial to the gaming experience.