Evil Mojo released pretty much all the info you could hope for regarding the ongoing week in Paladins, including the new champion.
Paladins ' first update of the current year is happening during the week of January 24, 2022. The devs also warned the players should complete the Dark Depths event pass before the next update when Season Pass 2021 content will become unavailable for purchase.
Schism update rolls around in the same week, bringing along the new champion VII. The update will cause the servers to go down for several hours to perform maintenance but there is no exact time frame yet. Keep an eye out on Paladins Twitter as it's most likely to have the quickest updates on the maintenance process.
On January 28, 2022, players will be able to earn double Champion experience and the bonus will last until January 31, when the new weekly rotation comes along. Start and finish times are 4:00 AM EST / 1:00 AM PT / 10:00 AM CET / 9:00 AM BST
As for the LTM of the week, it's going to be VII, VIII, IX (seven, eight, nine). It's a 7v7 game mode with no buffs or debuffs and it becomes available on January 28, running until January 31. Both the start and end times are at midnight EST / 9:00 PM PT / 6:00 AM CET / 5:00 AM BST.
For the newcomers, the weekly free champion rotation includes: