Explain Franchising??

Can someone explain this franchising to me? All of a sudden all the players being allowed to explore options.
What will happen to teams that didn't get selected?
Explain like a layman to me please

Rito pays teams that are promising, have good record and known, to play in their international league.

Teams that couldn't make it can go through "Ascension" in their respective league to secure 1-2 slots for international leagues.

rito basically pick an org for their partnership project which will lead to their next step a valorant league circuit, the rumors said it will be the same format with LoL played for 3 months every weekend Sat-Sun and split into two season.

The team that didnt selected have to fight their way from open qualifier into a 1st division league, which the slot will be very limited.