I'm thinking (hoping) it's gonna be ok...
As I see it, it all comes down to the Fed Gov review of the "sport on FTA TV" paper or whatever its called. Currently it is a list of sports that must be shown on FTA first, such as the Melb Cup, AFL/NRL grandfinal etc, this list is more extensive than you would think. So Packer is getting a foot in both camps to cover all options.
So if the policy remains relatively unchanged - which looks likely and is probably what Packer is banking on - then I would see ONE remain in a similar format and Packer, with money from FOX sports & ONE, going after as much sport as possible - AFL / NRL / Cricket etc. Then showing what is req. by law on FTA and spreading the rest across both FOX & ONE
OR
If the FED Govt significantly reduces the required FTA list - Not likely - then he may change the Format for ONE and move all the sport to FOX.
But what if in the next 18 months he doesn't win any of the bidding wars for the broadcast rights of the sports he's after? Doubt it, he's got enough money and he'd rather buy and bust than not give it a crack.
So I think/hope the NBL on FTA is safe.
If not we better hope the 5 year contract with 10 is water tight, or that the NBL lawyers are bigger and uglier than packers lawyers - Not likely.