Franchise

I saw many news about teams that got qualified for franchising. But can someone help me with how did Riot decide that?

They threw a coin to the air

It's basically just like university exam. They pick the richest students.

is there a place to see all confirmed teams in and not in?

1. Is your org financially stable and does it make good decisions for long-term growth?
2. Have you proven yourself to be successful in Valorant or other esports (i.e., do you have the proper amount of management and investment to be competitive)?
3. Are there are any benefits and/or risks that come with your brand and its sponsors?

There’s probably more but these are the obvious ones.