With the current elder buff you have more stats and the burn that increases your damage directly so you would be already dead on top of the enemy getting things like regen/ms/damage against objectives. They said they are removing the burn and the extra stats so it is pretty much the same thing in combat but worse and it is actually easier to balance because you can just increase or decrease the execute %.
I just wanted to drop in and say the fact you GET this makes me so relieved!
We've swapped what is a tremendous amount of fairly hidden power for what we hope is a similar amount in an incredibly understandable, knowable and satisfying way.
Elder dragons are still rare in League, so you won't be popping heads (or getting popped!) in every game, but when it happens I hope it's a satisfying way to wrap up that game.