What is the Challenge Rating?

I've been seeing a lot of people talk about the Challenge Rating for 7*s as one of big bonuses for them.
Is it new or have I just not noticed it before?
But more importantly, what is it exactly and how does it improve a champion? Frustratingly, there's no explanation in the champion profiles.
Is it new or have I just not noticed it before?
But more importantly, what is it exactly and how does it improve a champion? Frustratingly, there's no explanation in the champion profiles.
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