Moments ago, Riot released their plans for a comprehensive update to the IP/XP reward system. Here's a quick TL;DR of the announcement:
Updates to Leveling/XP
: The sky's the limit with uncapped leveling. No longer will you be oppressed by the confines of a level 1-30 system.
: Earn an unlocked chest (Capsule) every time you level that contains champ shards and blue essence.
Special-er Leveling Rewards
: Upon reaching special milestone levels, earn a Capsule that contains special rewards like gemstones or rare emotes.
: Influence Points will become a thing of the past with the new rewards system. Any IP balance on your account will be converted to Blue Essence (BE), and champions will now be purchasable with BE (ie. 4,800 BE instead of 4,800 IP).
: As a reiteration of the previous Runes Reforged announcement, runes will be free to use.
: With an increase in the frequency of loot with the new rewards system, the relative value of essence from disenchanting shards will be "tuned down".
: Current BE will be multiplied by about 6.5 times when pre-season hits.
: Mystery champions will occasionally be sold for BE.
: Chests now have a chance of 2 drops per chest, including the possibility of a chest within a chest. Chest-ception.
Bad Luck Protection
: "Bad luck protection" will be added, meaning no more long streaks without getting a skin shard or gemstone from chests.
Blue Essence Store
: There will be a limited-time blue essence store at the beginning of pre-season, where you can spend extra BE on things like chromas, ward skins, and even a rare skin. These sales will occasionally be brought back for folks who level up fast and find themselves with too much BE.
: Effective the posting of this announcement, IP boosts have been removed from the store. Active IP boosts at the end of the season will be converted to XP boosts in the pre-season.
Read more: Upcoming Changes to Leveling, IP, & Rewards