I think it can work as a professional sport, but they need to change more than "get a TV deal" and "add/lose teams".
There is a very real risk of another dud off-season that puts the league and a lot of clubs in a really awkward position for a coming season. Clubs will screw around, a TV deal might come late or not, and then what? Same as before? We've had TV deals previously.
They need a more significant change so that an off-season is a chance to build rather than survive for half the league. I'd guess there are three teams (plus any expansion teams) with enough uncertainty looming that they are effectively in stasis with regard to marketing.
And most of the rest couldn't even tell potential season ticket holders how many games they're paying for next year, or who's likely to play for them.
Is it too late for reform? Would reform details help get 2-3 teams over the line so the league can get moving?
It's an NBL graveyard on social media from what I can see.