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What is a good reason to bring this free-to-play game that works on just about any computer from WXP-up and is extremely convenient to use to consoles? What new things could they do that the PC cannot? This game is probably better off staying on PCs for the sake of resources and convenience.
But that doesn't mean there can't be a console entry of the LoL franchise. There are plenty of things they could do with it, including making a game based around lore. They can even sell it with promise of special skins involved with the game and cross-over content.