Do we play as a much younger Graves as a champion?

I know the Bilgewater event was about a year ago, but I had my League screensaver's running and I noticed this little piece about one of the Bilgewater login screens: https://gyazo.com/ffff01167599b759abb00f2907756f28

The screenshot is a little small to really see the detail, but it's very clear that Graves' entire mustache is grey. I guess I should have put 2 and 2 together once the lore came out about Graves' basically hunting TF for betraying him years ago, but this puts Graves at least his late 40s, assuming people in Runeterra have about the same lifespans we do and their hair greys the same.

As we're all aware, that's clearly not the Graves we know from his splash art: http://1.bp.blogspot.com/-mp-chg3J1U8/VF0tM76zGgI/AAAAAAAAc3U/fyUMeE9zflU/s1600/Graves_Splash_0.jpg

So what gives? How much times has passed between when we're playing Graves as a champion and present day lore? Where would that place him in his timeline?