Champion Mastery: A Good IP Sink
Champion mastery would be the perfect way to give IP sinks to players.
Instead of making a "Super skin" or something for 100,000 IP, you could create things that have to do with a champion (A skin, their ability icons, wards, ect...) and make them cost a lot of IP.
Champion Mastery could be a good way for old players to prove their devotion and dedication while being able to play and express their favorite champion.
I understand this may take a while to produce, and technically wouldn't make Riot any money, but perhaps then again they don't make much money on a lot of things they do. This project would prove to their old players that they still care.