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I was thinking with the work on revamping the jungle maybe make madred's razors turn into an item that has smite built in? Similar to hand of midas from DotA.
My thought process is if they are working on making it more you can go jungle without smite, but it would still be an option for early speed, why not make an item that would incentivize going down this path? And no this item would not remove the use of smite because smite would STILL grant the extra early speed, but would open more choices on summoner spells for jungler's in general. One could even take smite and get this item for more dragon/baron control as another choice.
This item could also potentially add some extra flavor to some tactics for teams to try and do an early baron, or get more dragon control by having multiple of them.
+20 damage, 30 armor, 20% attackspeed
20% chance on hitting a minion or monster to deal 500 magic damage to target minion
unique active: deal 1000 magic damage to target minion and grant 50% bonus bounty if target is killed, 60 second cooldown.