The Turn based game. Project F,T&L, the MMO even the Valorant movie. Also so so very long away. Ghost Crawler hinted that Riot take too long with projects because they are "endlessly trying to innovate" while I don't want things Rushed out by no means. Taking more than half a decade on an RPG game that doesn't even have a name yet is a bit of a joke.
F2P or B2P + Cosmetic Shop (weapons, armor, mounts etc.) + Battle Pass = the way to go. However the B2P model also needs a Cosmetic Shop and Battle Passes. I am ok paying 60$ once for the game. Updates should obviously be for free for both F2P and B2P. The Cosmetic Shop and Battle Passes are optional. F2P would be much better than B2P because barrier of entry. Monthly sub model is HORRIBLE because it costs a lot and stacks with other subscription models like YT, DAZN, Sky, Spotify, Twitch and what not. Not even mentioning electricity, gas, water, insurance etc. Nobody can pay all of these monthly subscriptions/costs anymore. Too much and too expensive. So let us play for free and from time to time even the F2P players will definitely reward the devs by buying something from the cosmetic shop or by buying the battle pass. Another important thing is a ingame broker where players can buy/sell cosmetic items bought from the cosmetic shop for ingame gold to/from other players. Therefore F2P players that play the game and have enough gold can buy cosmetic skins without using their money. Gifting skins and battle passes to friends is also important. There should obviously exist a shop currency too. With money you buy the shop currency and than with the shop currency you can buy the skin from the cosmetic shop. The broker, gifting tool and the shop currency mean more money for the devs which results into more updates and the game living longer.
Yes I don't think Riot will make a subscription-based model, it sounds more like they want to make it f2p for the base game with an in-game shop for QoL and cosmetic things, and battle passes seem likely. For example they could have yearly events like the Harrowing, where you travel to Bilgewater and fight the black mist, and completing these events grant exp that goes towards the battle pass progression to unlock cosmetics and exp boosts, like in LoL