Relegation

How does it work, is it just whoever gets last in LCQ. so either MIBR or KRU?

No relegation my friend

there is no relegation my guy

Relegation isn't in something like this as it would cause organisations with financial security to potentially be replaced with ones without. Riot tried to make the teams in franchising have money in general. For relegation to be a good idea they would need to have a very stable tier 2 scene, this isn't really the case