This was also visible in the livestream (but as that was in my humble opinion too close to the reset time, it gave you little time to act).
Either way, for about the same ~20k you can now collect a 119 (okay okay, a bit more) and for less than that a 118. So while I agree that the old event 117s are now overpriced (they were overpriced in the previous system, and now even more assuming that you'd use old event players for shards and you'd use those shards for old event 117s), the question is how bad this really is - given that not long from now, those 117s are probably not too relevant anymore.
I was surprised that old events' 116s and 117s give more shards than the current event's 116s and 117s. I do think that is kind of fair though - in the old events these were the top-notch players, and in the current event the new 116s and 117s are probably less good player items... In fact, I like the fact that I can still get something at least for my old event players (though it is a shame that I cannot exchange players from before the 26 Phase 2 tokens for shards, and otherwise only 112- players for a mere 2000 extra time tokens...)
Also I understand that EA did not suddenly change the shard values for the old event players - modifying that would have caused an outrage by those that feel mistreated by that. So that move is purely logical.
I hope this helps. I suggest you give the new format a try for a little while before you write it off. Good luck!
Cheers,
Kannix