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I understand that he is getting a rework eventually, his passive is almost certainly going to get a good look at, and I just wanted to examine his passive in its current state.
Un-upgraded his passive (Hex Core) basically gives him 3 ap/level, while also taking up an item slot.
So if a summoner does nothing, they gets a handicap of only being able to use 5 items, but a decent 3 ap/level isn't too shabby, but it does count as his PASSIVE and does come with a PENALTY of taking up an item slot.
If he does get an augment, say to his Death Ray (because that's what the consensus says is best to get), he has to pay 1000 gold and get 45 ap and 30% more damage with E. (It is not fair to say his hex core is worth 99 ap at level 18 because he already got 54 of that from his passive).
If paying 1000 gold for one of those upgrades is balanced, then paying ANOTHER 1000 gold for another augment should be balanced too, and another 1000 gold for his third should also work. It would of course cost a whole 3000 gold, but the item would at least seem to be up to standard with other end-game-tier items, if the player chooses to spend that much. It would still be up to the player to decide what order they would upgrade their Hex Core (if they upgrade at all) and how many upgrades they would choose to pay for.
The item would have the following stats (not counting the 3 ap/level):
6 health 5/seconds
5 mana 5/seconds
10% cooldown reduction
45 ability power
(and various improvements to his abilities)
While other champions like Kha'zix get to upgrade their skills for free, Viktor is paying for the stat upgrades that Kha'zix does not get. So I understand why Viktor needs to pay the gold for the stats. But I am not quite sold on the idea that Viktor only gets to upgrade one ability per game (which is almost certainly going to be his Death Ray).
Despite all this, Viktor still seems capable and viable. It will be nice to see what RIOT has in store with his rework.