TLDR: Riot is downscaling. The severance package is great but it’s another round of layoffs in the industry.
This will also majorly affect Legends of Runeterra. They’re putting the game on life support it seems, and will focus on the PvE mode.
They’re also shutting down Riot Forge, their collaboration with other studios to make smaller games with their IP.
Anecdotally, I’m in IT and had a brutal time finding a new job. Took nearly 250 applications over 6 months to find something, hated it (65-70 hour weeks without breaks), and applied to another hundred before finding something worthwhile. I’m no newbie - I’ve got over a decade of sysad experience under my belt.