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.
Yeah, in most of Europe, 6 months would be bare minimum on top of whatever else the employee’s contract buyout requires. But since the good ol US of A is at-will and doesn’t have employment contracts, employers can just let you go without any notice or severance package.