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i have noticed in the past few games i have had that the shorter he games are, the less i get. i didn't think it was very significant at first but there is a huge gap between long and short games.
leaving the system as it is means that if you are in a long game and you'r losing yet you'r trying to push back, your efforts only boost the enemy's reward (if you lose) unless you do push back and gain alot of ip.
also if you use good tactic and team play and completly steam-roll the enemy you aren't rewarded. i don't really think the system should be based on time, it should probably be based on game play tower kills, KDR, over all gold ect. or maybe we could keep with the time and make it so you gain more ip at both the start or the end rather than punnishing players who try hard and win fast.
i really hope riot takes this into consideration uses the idea above (the first idea could be kinda hard to do)