Royce was exposed when other MMA guys realized he has zero striking skills. He is a legend in the sport but in today's game you need a ground game and a stand up. Royce would be punished severely trying to get today's martial artists down to the ground.
Matt Hughes made Gracie an example of old school versus a well rounded mixed martial artist some years ago when they competed against one another. He beat him up badly, and easily. Gracie is a legend, but whenever something comes onto the scene, such as the UFC, or NHB fighting, there will be an evolution through education, etc. It's only natural. Just look at NFL players from years ago compared to their modern day counterparts, for example.