Riot is going to change up their new champion strategy a little. They've explained that they will focus more on updating old champions and therefore won't be bringing out as many new champions in LoL as we have gotten used to.
Riot is looking to make some adjustments going forward. They will continue to bring out new champions in League of Legends, but come 2024 we might get fewer new champions added, due to a shift in priority from Riot and the League of Legends team.
In a YouTube video posted on February 16, 2023, Riot Meddler and Riot Brightmoon expained that the team is focusing on updating older champions, and therefore we might not get as many new champions in 2024.
LoL: Fewer Champions More Updated Older Champions
When it was revealed that both Lee Sin and Teemo would be getting Art and Sustainability Updates (ASU) in 2023 and 2024 it was also revealed that part of the champions team had been shifted over to the ASU team to help them out.
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An ASU targets a champions' full model, their skins and revitalizes their visual and sound effects. This is done for older champions that are still relevant in the game today, with great kits, but that just haven't aged well and therefore need some love from Riot.
Caitlyn was the first champion to receive an ASU, hers coming out in 2021 along with the release of the first season of Arcane, and Ahri's ASU was just revealed in LoL Patch 13.3.
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ASU's will focus on popular champions with multiple skins, hence why both Teemo and Lee Sin were chosen as the next ASU candidates.
Riot is currently working on both these ASU's, but it seems they want to be quicker with them than they were in the past, hence why they're filling up the team to help and make sure that players get their revitalized champions sooner rather than later.
It took over a year for Ahri's ASU to go live, with many fans upset at how long it took. Riot is trying a new, more open, strategy when it comes to communication, which is why they're letting fans know that they're working on more ASU's and want to do so, but it might come at a cost of new champion releases.
Many fans like this approach. For a while now fans have stated that they'd be fine with one year without any new champions and just champion updates. It likely won't come to this, with Riot Meddler going on Reddit after the video went live and stating that in 2024 we should still be getting 3 or 4 new champions, which honestly... is just one or two less.