None of Hawthorn's top 10 players (as measured by their B&F) were free agents, and they lost Buddy to free agency. By way of comparison, D Pearce was in our top 10 and we got him as a free agent. We haven't lost anyone.
The secret to winning premierships is still to draft the best talent, develop them well, and get the best coach to tell them what to do.
Keeping the integrity of the league intact is of the utmost importance, but players should be free to move after 8 years of service. Think about how long you have been at your current employer. I changed jobs recently, and if someone told me I had to be at the mercy of a 'system' I had little control over for 8 years, I would not be happy about. But after being flung to the four winds for that 8 years, I reckon I would feel like I should go wherever I damn well please.
A couple of players have taken pay cuts to play for Hawthorn to try to win a premiership. They could have just as easily given up money to play in a team that was knocked out of the finals. I'm not sure you can use the Hawks excellence as a reason to get rid of the system. If North won, would people would people make the same argument?