Influence Game Mode

I thought of a way that the players can influence the story line for league of legends. This could be a really good way for the Riot Team to give people an alternative to ranked. Keep in mind that due to the concept of the game mode, there would be a cost to play. This cost would be IP, and would be around 250 IP to play. The reason for this is because it would guide how Riot does their story.
The theory is that Riot would release a portion of story, hopefully in a short cinematic, depicting a series of events that could impact each of the factions. The players would play, using their IP to use champions that "fight" for or against the event. Each player would choose from a faction to queue in as and if their faction won the fight they would gain the IP for that fight. The fight for each faction accumulates IP and the one leading at the end of the event would dictate how the story turned out.
Before anyone refers me to leaguefactions.net I already know there is a fan based thing similar, but Riot could make it much more simple and actually release canon to go with it.

A good example would be the freljord event. They would have had different factions that would participate, assigning champs to each faction based on how they would take a stance during the event and whether or not they would even participate. The players would chose to fight for the respective leaders then choose their champs. They would be paired up with people of the same faction against people of different factions to fight it out. At the end of the event the team that has the most IP in the vault would be declared the winner and the queen would be decided. Later the losing factions could make another attempt to take over but it would be a separate event.

This could be a featured game mode that is out for a few months then put away for a while and re-released as Riot manages to come up with lore for each event, but I think a lot of people would play and a lot of them wouldn't mind the small IP cost. (Maybe they could buy tokens from the shop to play that cost a small amount of IP or an even smaller amount of RP).