In the lore the champions can respawn, but why does it take more and more time as they level up?
To make matches more interesting!
I like to think that it's because its harder to recreate their experinces then forcing the summoner to take much longer to recreate the body.
I think it's because the League doesn't want matches to go on for days between evenly matched teams so they have the summoner take a coffee break when their champ dies.
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