Ranked teams

This is likely a stupid question asked by an ill-informed player. But if I don't know, chances are many other do not either as I basically live on League and these boards (God have mercy.) but now ranked 5v5 teams have been removed, how are the LCS teams decided? Does Riot just pick peope they like? Is it impossible for a new team, no matter how good, to get into he LCS/Challenger series now? Does Challenger series exist with there not being a Challenger? Very confused.