Riot has stated that they do not like chance outcome and finally ourfalls victim to the nerfhammer. As all of you know: the new Phage gives you movementspeed when attacking rather than chance to slowing your enemy and no longer builds into .
A while ago it was popular to build on toplaners (not lately but once), giving a fair piece of tankiness, damage and CC to build into Frozen Mallet or Trinity Force. It was also well used for Ezreal (before blue Ezreal and his Icebourne gauntlet) to build into Trinity Force. Now Phage is overwhelmed by "superior items" and has a hard time fitting into the meta.
It works on a couple of champs now such as Lucian, Ezreal and Hecarim. Still, in summoners rift it only builds into Trinity Force, witch works well on the 3 I just mentioned, but Ezreal and Hecarim benefits better from an Iceborn Gauntlet (witch is a bad idea to mix with trinity, because Unique passives dont stack...), and Lucian probably has better options. I have a hard time seeing Phage's viability due to it's few options.
My suggestion is to make a tanky item built from phage (to make up for the option to build into Frozen Mallet), that would surely be useful to a lot of champs such as Darius, Sejuani, Hecarim (simply, a lot of top/jungler champs) and all current marksmen as a defensive item that give some nice chasing potential as a bonus. (Quick Idea out of the blue:(1250g) + (720g) + 1030g = 300hp 60armor 30attack damage +Rage +Tenacity(why not?) Name suggestion:Paladin's Lance (do leave feedback about this if you approve/dissaprove))
Comment's about how you see Phage's new role and who to build this on and why is very encouraged. I will keep this blog updated as much as I can and gladly discuss in the comment section.