Hiya Giggle, I hope I can add at least a little clarity:
The Institute of War is no longer in the story world. Champions who are inextricably tied into the IoW as a core part of their motivation will be receiving changes. Champions who have some mention of the IoW will be receiving relatively minor edits. Summoners are not what they were as their prime interaction with the story was through the IoW. That does not mean that the concept of Summoners will never be seen again within the story world, they just won't be taking the same role as previously. So nope, Summoners are not deleted from Runeterra.
I can understand the confusion. We want to reveal things through the course of Runeterra's story rather than through mainly biographical content or by outlining plot points that would undercut stories when they are released. Also, frankly, there are things we just want to explore more and hone until we think they meet our increasingly stringent measure of quality. In other words, we're making a lot of changes to level up our storytelling and to get more stories to you.
Since September, we've released story content pertaining to the Shurima event, Azir and Xerath, The Harrowing, Kalista and Rek'Sai. We've learned lessons from all of them and we're attempting to deliver stories with more regularity and consistency through the end of the year and 2015. We have a couple of technical challenges, and we're working to ensure an increasingly high quality bar, which means sometimes we just look at a story and decide we need to work on it more before it can go to players.
We've got a lot to do, and I know the "we're working on it" posts can be infuriating as I'm not able to provide all of the details that are requested for an array of reasons.
FInally, Jax is cool anytime, anywhere.