League of Legends, a global sensation in the world of multiplayer online games, is experiencing player disillusionment due to a perceived decline in new content releases. Long lauded for its dynamic, frequent updates, the game now faces criticism for its shifted focus and delayed content amidst mounting player frustrations.

The core appeal of League of Legends lies in its gameplay mechanics that initially captivate players, and the regular release of fresh content has historically been the antidote to a feeling of stagnation in its intrinsically repetitive nature. However, the slowing down of new champion releases, game modes, and eagerly awaited updates like Art and Sustainability Updates (ASUs) is progressively leading players towards a sense of ennui and predictability.

Additionally, Riot Games' attention towards their other projects like Valorant has further exacerbated the issue. While the diversification of projects is appreciable, the diversion of resources from their flagship title has added to player discontent. The balance between their different projects is critical for player retention and the endurance of the game.

Case in point, the recent release of a new 2v2v2v2 game mode and champion, Naafiri, caused a shift in player discussions from frustrations with the game's balance and release schedule to excitement about the fresh content. It is a glaring example of the transformative impact of change on the League of Legends platform and how Riot Games can rekindle player interest. However, such significant updates are few and far between, compared to the bi-monthly releases of yesteryears.

In conclusion, Riot Games needs to revisit its strategy for League of Legends, giving priority to faster content updates. The game's longevity, player satisfaction, and relevance in the fiercely competitive world of online gaming hinge on maintaining a balance between their projects and keeping the League platform fresh and engaging. The developers need to reinstate the rapid-fire content release that once made League of Legends a beloved title among players worldwide.