League of Legends Team Builder, a feature that allows you to queue up for the specific champion, role and position you want to play, and connect you with a team of four teammates who have also chosen their preferred roles, has officially been added to the game for good.
Team Builder is a separate queue, similar to blind pick normals. It doesn't replace any of the existing queues and isn't available for ranked; although, Riot notes that if a feature works well in Team Builder, they may look into applying it to other queues and game modes. Eventually, it'll become the first matchmaking system to take into account your experience with your current champion, position or role.
"Whether your interested in playing as a Jungler for the first time, or you're excited to try out that new champion you just picked up, Team Builder will balance the matches accordingly so that you have time to settle in and master your new specialization," Riot says. "While this feature will not be available at launch, you'll know when we enable it by way of a visual icon indicating that it's turned on."
Riot also mentions that the "majority of players will have reasonable wait times" regardless of champion, position or role selection. As is the case with most MMOs, roles in high demand have shorter queues, though Riot says there's actually a really close balance of players who prefer each role as their first pick. Having said that, wait times right now are, admittedly, "very inaccurate and fluctuate." As more and more players make use of Team Builder, the estimated wait times will give a better estimate.
When selecting Team Builder, you can opt to queue as a solo player or as a Captain. As a Captain, you build your own team, searching for specific players that fit your team's desired roles. As a solo player, you simply get to play as your preferred spec, but with much less wait time.
Check out the official Team Builder FAQ page for more answers to your questions.