they literally have champions in their bio on twitter

0 confirmation that this is 'officially' true. If you want a straight up answer then ask a riot rep

That is seriously looking so much into the semantics. I wouldn't read into it so much. Yes champs is more lucrative, but to win a master's you need to beat the best teams in the world on a global stage, this therefore makes the winner the best team in the world and the world champions (just another term for winner) until the next global event. It does not get more simple than that.

Also the only reason Riot calls the teams 'champions' is because they are trying to stick with the branding of the event being called 'champs'

PRX 2-0 wolves, 13-6, 13-11

Let me give you a tissue to wipe those salty tears. Sen still can do a lower bracket run

PRX 2-0 GenG, 13-7, 13-10

Maps:
Sunset
Icebox
Lotus

They could be, one would be through 2-0, the other 2-1

Im guessing you are from Valorant, so to quantify in those terms is difficult, but:

Majors = Champs

Cologne and Katowice = Masters 2 (the bigger one with more prize pool and teams)

Other IEM events like IEM Melbourne (3rd biggest crowd in IEM history) = Masters 1 (smaller with less teams but still important for the grand slam in ESL and for qualifying to Majors).

All else = Important and have decent prize money but not to the same degree as aforementioned, maybe same level as LockIN?.