Found out a little bit more about this whole scenario. Supposedly in 1994 or so, Boti was employed by BASA to work with the clubs to push the ABA idea. The idea then, I believe, was the transition from having a few teams in the ABA to becoming an ABA conference. Concerns at the time included losing players interstate which didn't really eventuate. When you're talking about a reasonable player tossing up $5k and $10k where the great value would mean relocating and renting, it might not always be worth it anyway.
I'd like to see us withdraw, hold that $40k for something else, maybe spend half of it on promotion of the league ($5k each to a couple of part-timers to try some grass roots promotions, $2k to print materials, schedules for the fridge, all that gear) and give what was our central conference a new identity. Central Basketball League, Adelaide Basketball League, whatever. Give it a logo that is a silhouette of Michael Humphrys, referees with nicknames, and a few other things like that and we'd be laughing (mostly at the logo!)