Should you accept and get accepted for the role, you'll be joining an entrepreneurial nationwide ambassador team for a year, where lead "campaigns and projects at your university to grow the League of Legends community and embody the values that Riot stands for". Riot will "provide resources and training to support you", so don't freak out too much (yet).
Aside from being a communicator between Riot and the student community, Riot also want you to - in summary - host projects like tournaments and workshops, give the on-campus perception of gaming a boost, and manage finances.
In return for your efforts you can earn a "play-fund", an "annual Rioter perk" which lets you get up to RM400 a year to spend on video games (it's a reward rather than a salary, however). There're also rewards from "ranking up" like getting in-game RP (Riot Points) to partial scholarships and a trip to the League of Legends World Championship. And of course, the experience and networking opportunities you get willl serve you well, plus you get to add this to your résumé and receive testimonials from Riot themselves (which sounds really cool).
It'll be great if you satisfied the listed requirements on the page (like being organized and good at brainstorming and executing ideas), but ultimately Riot aren't expecting applicants to possess a whole lot of experience, but they do want "an open mind and willingness to grow during the program."