Times have changed.
Saints and the like used the attraction of an early route to the 1st team alongside decent facilities to get young players (and their families) to sign.
In the last 10yrs the megaclubs of City, Chelsea, RS, Utd etc have hoovered up youth prospects and nicked 16yr olds from all the good academies out there.
Now a 16yr old can switch to City with a guaranteed £100000+ a year for three years so even if they don't make the grade it's a decent start to earning!
Development compensation has not kept pace, pretty much peanuts in comparison.