I recently reported an individual for holding champ select hostage where, luckily, someone dodged. I had to do that manually, since there was no post game lobby to do so.
In that report, I suggested that the team has the ability to vote to report an individual and drop queue. There would be no penalty for the rest of the team and, upon review, the reported player earns the reward as prescribed in the EULA. I went on to further suggest that fraudulent reports reward the reporting players as prescribed in the EULA.
Derp, from player support, responded to my suggestion and asked me to populate a TLDR; link here.