We all know how powerful the most recent incarnation of cleanse was and I am glad to see that it has been nerfed. While overpowered cleanse brought some interesting options to the table and I would like to see it reinstated through an item. My suggestion is as follows... The item would be a high tier clickable item with a cooldown of 300 seconds(or more), providing the previous functionality of cleanse (Removal of Debuffs and Debuff immunity for 2 seconds).

Two of the problems I had with cleanse were that
1. It's cooldown was too low
2. It was not obvious enough when it was used and when it had expired.

I propose that the quicksilver sash be an intermediary to this item (Negatron Cloak 740g + Recipe 900g = 1640). In addition this item would require a Pickaxe (975) and a combine cost (1000) for a grand total of 3615 gold. The final stats would offer 50 magic resistance 35 damage and the previous cleanse effect. When used it would grant a spell shield effect similar to banshee's veil but red in color.

I really think there should be a CC counter that is viable for a carry style champion. Another option would be to increase the debuff immunity to 3 seconds and not offer the cleanse effect. This would also mean that the quicksilver sash would not fit into the path of this item.

You're having troubles with CC when you've got Mercury Treads, Banshee's Veil and Quicksilver Sash?

The issue with debuff immunity to begin with is that it was overpowered for OFFENSIVE reasons. We all can see the benefits from a defensive standpoint, and I don't think anyone raged when people used Cleanse then ran away before this recent nerf because it's a summoner spell designed for such a purpose.

The problem is that you could take someone that does absurd amounts of damage and previously was only stoppable in a group fight by someone crowd controlling that person. Master Yi and Tryndamere, who are already really good top-tier characters, were unbeatable.

EVEN IF THEY WERE GOING TO ADD AN ITEM LIKE THIS INTO THE GAME, it'd have to be defensive in nature to be remotely balanced, and it'd need to have a cost similar to Trinity Force or Infinity Edge as it's that game-changing.

I don't have problems with CC at all, in fact Morgana is easily my favorite champion.

Cleanse was overpowered for offensive AND defensive purposes because it had a cooldown of 100 seconds or 70 talented. Almost everyone took it no mater what type of champion they were playing.

I can see where there would be a problem with Tryndamere if the cleanse effect was retained but that is why I also suggested an option where the cleanse effect is not included. This would mean that if you silence or stun someone they could not remove it nor could they activate the item during the silence or stun. This would be a proactive item as opposed to the current reactive options that cleanse and quicksilver offer.

I think ~3600 gold would be fine for what the item offers. Trinity and Infinity cost all of 400 more gold so I think the price is comparable. Those items also have extremely cheap combine costs which is not true for the item I have suggested. You pay 375 to combine infinity and 300 for trinity(~1500 including pre-requisite combine costs) and the stats gained from the combination greatly out value the price to combine. With my proposed item you would be spending 1900 gold on 10 damage and the effect, I don't think it is unreasonable. Also this is a mere suggestion, the cooldown could be even higher and you could add 200 more gold to the price.

Remember the Black King Bar in Dota?

Price: 3900 Requires:
Ogre Axe
Mithril Hammer
Black King Bar Recipe Scroll
Gives:
10 Strength
24 Damage
Active: Avatar
Gives magic immunity. Duration and cooldown decrease each time it is used. Lasts 10/9/8/7/6/5 seconds. 80/75/70/65/60/55 seconds cooldown.

The duration is probably way too long for LoL i guess.

I suggested a consumable elixir a month or so ago that could offer the same thing. Maybe that might be another option to look into. Maybe a 3-4 second consumable elixir that makes to immune to CC, no other stat boosts, no cleansing off current debuffs. Maybe cost about 300-400 gold (reasonable for late game spending and team battles, unfeasible for spamming early game to escape ganks and what not).