The improved bearing system includes a pair of axially split and generally cylindrical cartridges having respective bearing units configured to be mountable to a common axial shaft. An annular channel is generally formed from one of the cartridges for selectively receiving a preload ring. An annular groove is formed from a portion of the other cartridge and sized to slidably receive the preload ring. A preload element is disposed within the annular groove and axially compressed between a preload surface of the annular groove and the preload ring. The preload element maintains a simultaneous axial preload thrust on the bearing cartridges and respective bearing units in inwardly opposite axial directions.