I suggest that Riot shifts everyone up the ranks. Here are a few reasons:
1. The ranks are distributed incredibly unevenly.
Here is the rank distribution from leagueofgraphs.com
(There are approximately 50% of the EUW league community sitting in silver!)
2. This unequal rank distribution will lead to incredible high queue times in higher elos.
3. It will feel more rewarding when everyone gets shifted up.
The meaning of the rank will definitely 'inflate' (the meaning of the rank will decrease), but there are a few possibilities to limit this:
1. You can set the maximum to Diamond, meaning that diamonds won't be able to be shift to Master.
2. Only shift the people in the first 2/3 divisions to the next tier (I wouldn't recommend this one, but it is possible.)
Reasons why inflation wouldn't matter that much:
1. There are currently 50% people sitting in silver. Which is the second tier from the bottom. It would make much more sense if gold will be the new average, instead of silver.
2. It is strange to have the second lowest tier to be the average. It wouldn't do much harm, but only improve the distribution by making gold the new average, and silver below average.
Shifting the people once, will automatically and permanently set the new average to gold tier. Every new season, people will most likely enter their new rank again, as everyone has been shifted upwards. This will improve the distribution and queue times. It won't do harm at all to people's gameplay, they won't be matched with worse people, as everyone has been shifted upwards.
Thanks for reading, and share me your thoughts!
(By the way, I am not a hardstuck silver)