The “old system” was never indentured slavery or servitude; any student athlete was free to leave anytime he or she wanted, and in most any instance they did not lose their scholarship for the remainder of the semester.
For the millions of men and women who serve in the Military, I suppose they could argue they were indentured slaves while serving, but I never felt it, and to be honest, I never heard those I served with express feeling like slaves.
The exchange for competing in intercollegiate college sports for a college scholarship and opportunity for that education worked perfectly for decades before greed crept in and eliminated amateur status.