League of Legends community may be fed up with the idea of Prestige skins but they are not going away anytime soon as Riot Games announced a different model for them in the coming year.
Prestige skins are not exactly rare, they are just expensive to obtain as they require both a chunky money investment and a lot of grinding to get through all those passes the players purchase. That part will remain unchanged in 2021.
Furthermore, those who have leftover Prestige points will get an opportunity to spend them in the Prestige shop which will open in patch 10.25, on December 9, offering minor accessories, loot boxes that will offer multiple skin shards on each drop and Prestige skins.
As for the actual changes kicking in when 2021 comes, the first half of the year will proceed as normal, with new Prestige releases. At some point during late Spring 2021, Riot will reopen Prestige Point Shop 2020, offering the same options mentioned above, without border or icon.
During early Summer 2021, the changes will start kicking in and 2020 Prestige Points will run out. Spend them before the update gets released, but given the importance of it, it's pretty safe to assume Riot will announce the removal of these points.
In other words, the 2020 points will be extended up until the update which will happen somewhere between late May and early July 2021, and will be removed when the patch happens.
Besides that and the horribly confusing post, Riot Games didn't offer much info on what the new system will look like.