While Riot is not currently offering refunds for players who own the character and/or his skins, compensation has been promised, with the implication being that whatever players get it won’t simply be money in the bank. It remains to be seen what impact this will have in the longer term for the game, but looking at this as a test case for killing characters in the storyline is in and of itself interesting.
League of Legends isn’t one that’s set up to easily move forward. When players pay real money to unlock champions and skins, you can’t have characters leave or get killed forever… can you? Riot Games is experimenting with exactly that in its current ongoing story by killing off Gangplank completely, removing him from the game altogether and leaving several players who had purchased the character in a bit of a tizzy.