A more reasonable approach would be for Valve to start by implementing this in one of their own games to begin with.
Not Dota 2 or CSGO because they are too big.
TF2 or L4D2 would be perfect. Big enough to have a meaningful go at it and see how things go but not so big that if it fails it becomes a disaster. TF2 is where they've tested F2P and microtransactions for the first time and most of the last major updates to the game have more or less been outsourced to the community under Valve's supervision and final approval before release. The way that game has operated for years makes it ideal to test this. L4D2 would be equally good for this and could use some love from Valve anyway.
Most importantly though, using one of their own games would make it immensely easier for them to deal with the inevitable clusterfuck of copyrights infringements and other DMCA takedown notice this will create. No need to involve anyone else but themselves before they've got things figured out.
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