Or, the program as launched and trumpeted by LK and his fanboys was an abject failure and they needed some way to turn it around so changed the rules on the fly,
I'm not sure that's quite fair, either. The program in its initial form was predicated on the G-League being trash and the NCAA not paying players. There was significant movement on both fronts, so the NBL had to shift. Had the G-League Select thing not happened, and had there not been significant movement towards some form of player compensation in the NCAA, we'd probably still have Next Stars around in its initial form, featuring a bunch of the guys that are now in that G-League Select program. From a global basketball perspective it was hugely successful in creating better opportunities for basketball players coming out of high school, it just created those opportunities elsewhere as well once the NBA saw the NBL prove that there was a market there.
"Credibility abroad" means SFA compared to a good product that proudly presents the best basketball league here in Australia
"Credibility abroad" means talented players are more likely to come here and play, which increases the quality of the product. The fact that players know they can come here and play, and NBA scouts will pay attention to that, is massive for recruitment. It used to be that playing here was the equivalent of not playing at all, so anyone with NBA aspirations went to Europe. It wasn't just the extra coin, it was the credibility of the leagues with NBA front offices.