Lord Rituals require Awakening 300+ to participate in.
Lord Rituals are instanced arena fights against 1 of 7 different Lords. There are 2 optional alters, one for guilds, and one for freelancers "a single player". Every 23 hours, you can do 1 Ritual for each the guild alter and the freelance alter. Ritual Lords require a minimum amount of Gold to be summoned, Guild Lords require 1kk minimum, and Freelance Lords 250k minimum. By base, these Lords will drop 10 and 2 Lord Bags.
(The reward structure of ritual lords have been re-balanced. The scaling of how many bags you get per amount of gold has been lowered, so that high power ritual lords dont give quite as many rewards as before. However, the base amount of reward bags players will receive by completing a ritual lord has been increased by 400%. Updated info Pending-)
These Lord Bags can hold many different things, including stat stones, legendary upgrade stones, large stat stones, rare outfits (retro outfits) and mounts, and even some companions. Ritual Lords however can become stronger than their minimum amount. All Guild Members (or single players for the solo Lords) can sacrifice gold to continue to increase the Lord's strength. For every 100k gold added, he gains 1 Lord Bag to his loot, but he also gains 25% damage and 8% health.