what is franchise team and what is its use ?

I am new to valorant community , can someone explain me what is the use of franchise teams and what is the open qualifiers .
Is it like frachise teams have fix spots or something.

Franchise teams are supposed to be the best teams in the world and can easily qualify for an international event. If you are not franchised you need to go through two tournament’s to qualify to be part of franchising next year. The challengers tournament (happening right now) and then the ascension tournament for your entire region. The regions are the americas, Europe, and Asia.

Ascention and Challangers (Open Qualifiers): https://youtu.be/qezNE-3a3nA (Subscribe to command)
Franchising: https://youtu.be/DMdmLpCU9OM (Bleed Assistant Coach & GOAT BoDork too)

Basically franchised teams play only big tourneys that are tier 1 - pacific league Emea league and america league and eligible to qualify for masters and champions.

Rest all are tier2 and below- every region has their challengers like South asia, mysg, indo which includes open qualifiers and bigger tournament size which was earlier just a shorter format, one team( asia region) that wins challengers of their own country/region competes other teams in their region called ascension ( example pacific accession will have 1 slot each for South Asia,Japan,mysg,ocenia,indo,philip,thai,vietnam,korea and hong kong) to get promoted to franchise for next 2 years
This way one team gets added to franchise league every year till 2025 after which 2 teams get promoted.