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Dear Diary . . .
3rd ranked match queue and I get 4 trolls. ):
1. Olaf and Sion fighting for mid
2. Two other guys: "Not support or feed"
This resulted in a loss of 8 LP, which isn't bad considering I gained 25 from one match, and the time penalty is bearable. I thought at first that this will ruin the concept of League Points, but it doesn't.
Anyhow, I am currently enjoying the new ranking system!