In the middle of an ongoing pandemic, a major partnership failure, and an ongoing conversation around esports work-life balance, Riot Games is taking a week off work to refresh and recharge. They've released multiple new games in the last year, including TFT, Legends of Runeterra, and of course, VALORANT, including all of their own updates, League of Legends' updates, and more.
In the gaming industry, deadlines are often met, no matter the cost, causing "crunch," or a period of time where game devs work incredibly long hours to finish a project. Riot, however, has promised to avoid this despite their break, shifting deadlines and releases back to compensate for the time off. The point is to have a relaxing week, not stress people out about their following week of work.
Also, because of the nature of the job, certain teams (like the League of Legends broadcast crew) will be staggering their off times. So don't expect the games to collapse and the broadcast to pause, but do expect an extra week between patches and an influx of Rioters in your games throughout next week.