I think it does have a massive impact to the value of the champion.  If this was a new champion added to the random pulls then that is fine, as someone might get them early and see some real benefit to their account.  Once you start talking about waiting 25 months to get the champion, then it becomes less attractive.  By then you have gotten heaps of champions that it is unlikely these will change your account

I really think Plarium needs to revisit the whole login champion situation, because tagging new champions at the end of the cycle doesn't help.  It doesn't help older players, as the longer it goes, the less likely the player needs a new champion.  Essentially these 2 days of rewards become useless, with the only real benefit being free points for a champion chase.  It doesn't help newer players, because the reality is that they will never see that new champion for a couple of years.  No-one wins.

One solution to the login champions would be to again consider generic fragments.  Plarium should take all the login champions that have ever been released and pop them into a new section in the summon portal.  Then, each month they give XX generic fragments to the player, and once they get enough they can select which champion they want.  If someone wants Cleo, they can select it, or perhaps they will jump straight to Arix.  Epics would cost less fragments than legendaries, but once you summon a champion it gets removed from the pool and the player saves up again for the next one.

It would allow for more flexibility with champion selection, and allow someone to pick a champion that their account desperately needs.  It still won't help the "old" player that is caught up on login champions and only really has 1 each time to collect, but I think it would be a dramatic improvement to new players who see this great new legendary get released, but realize that they'll never see it for years

The solution for older players is to simply release a batch of new login champions at once with the above system.  Plarium released 4 odd new legendaries recently, and all 4 of them could have been login champions.  Now players would have a choice