Couple possible mode ideas.
These are just some basic ideas, if you feel you would like more details, feel free to develop some. Someone has probably already suggested these anyway. :)
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3+ teams, 1 map. Pretty self explanatory.
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Each player selects 5 champs prior to game; each champ is played in sequence, 1 life per champ, experience and money (total money earned prior to item purchases: all items refunded at full value + unspent money) gained from last champ is transferred to new champ. Last man standing, or team with last player, wins the game.
What do you all think?