I think what has happened is one of the spindles has worn down. The bearings sit on a ridge in the housing. This ridge gets worn down and makes the blade sit lower or higher. Grab the blade and see if it has any up and down play. (Wobble)
If this is the case you will need to replace the spindle. Or you can put a thin washer between the bearing and the ridge. Either way your going to need new bearings.