Most likely a teaser for a champion, similar to how there were new marks added to Summoners Rift before Bard was released.
The most enticing theory I've heard is that it's Tabu (or a variation of him).
The speculation starts with the Prehistoric Skins splash art:
http://www.newsoflegends.com/wp-content/uploads/2015/06/Anivia_Splash_6.jpg
You'll notice that there are two figures in the foreground, one of which has a staff somewhat similar to Tabu's. While they're used to show the scale of a champion, we've seen this sort of thing before:
http://3.bp.blogspot.com/-QTkAa0c_-4w/U798KAgCujI/AAAAAAAAMjA/pY57vs6nqMI/s1921/malphite-mecha-skin-splash-1920x1080.jpg
In Mecha Malphite's splash art, we see Ziggs and Heimer drawn in as a scale, even though they're low detail.
Skin Splash Arts have previewed champions before. Most notably, Vel'Koz was previewed in Creator Viktor's splash art four months before he was released.
http://lolwp.com/wp-content/uploads/2013/09/Creator-Viktor.jpg
Now, lets look at the hint given in the patch notes, shall we? I think it can be divided into two subjects, one part hinting about the laugh, and the other part hinting about who it's for.
The laugh is easy to piece together
For those of you struggling to keep up in your games of League, we're always striving to ensure you won't be stuck up the river without a paddle. [...] Mope, and you mope alone - laugh, and the world laughs with you. Or so they say.
It's easy to see, since we already know what it is. What remains should, in theory, be hints about the new champion:
And that about encapsulates the contents of this patch. [...] That said, if conventional means don't work, be careful who you call when seeking help; [...] there's all sorts of things out there, preying on the wishes of desperate people.
Boy that was cryptic
Encapsulates seems too out of place with everything else to be a coincidence, although what it means I don't know. The rest sounds like a witch doctor, someone who's unconventional means you seek out after conventional options have failed, reserved for the most desperate situations.
The last one just sounds like a Riot pun if it is about Tabu, since they already put the nail in his coffin.
With all that said, it's just a theory, and should be taken with several grains of salt. Fortunately, salt doesn't seem to be hard to find in League ;)