Resetting all collections an to zero and giving each player a fixed amount of funds, so that everybody starts at the same level would be a better option than resetting the collections to the state from the past week, though I'm not convinced whether it would be the best option.
Old system put new players at a disadvantage, given that sealed league prize system had changed. This transition puts those who played the system at a huge advantage. Resetting the collections and funds to zero would rob people of their collections and I'm not sure that the people would like that.
It seems like we have a choice between three flawed political and economic systems: feudalism (reverting to the old system, establishing back the privileges of the "aristocracy"), liberal capitalism (legitimizing the primary capital accumulation that took place by keeping the current system) and commnunism (wiping out all the collections and giving everybody the same starting point).
I's personally opt for resetting all the collections, giving all the players the same fixed amount of funds (much larger than current 200 GP), sizeable enough to acquire the first constructed deck (the same amount would be given to the new players), plus giving each player weekly allowance for each week of being registered on the site (plus the league prizes he won minus the league registration fees if he participated in leagues), so those who had been on the site longer and would have lost more would be compensated.