I have an idea to incentivise high ELO players to be more competitive

At the end of each season, the list of master/challenger players are recorded into a list or a hall of fame of sorts so they will be immortalised in the annals of this game. An icon and border simply don't cut it because only a few will ever see it and even fewer will care. I realise the archived ladders do exist on sites like OPgg and so forth but it would be even more worthwhile if Riot themselves displayed it publicly on the site.

You may not think its much, but they will feel a real sense of accomplishment and reflect on how good they were or became at the game. It will also immediately lend credence to whatever they do in regards to the game.