I think creating a whole new league is unrealistic, but at the end of the day the players don't need to have an actual league to keep interest/generate money. Some of these Players are stars and because of that people will pay to watch them play with or without their NBA teams. Its up to them to capitilize on it.
Just think about it, wouldn't you have liked to see some of those famed games we've heard about all summer where the biggest stars were playing on street ball courts? All the Players (or their representatives) would have to do is secure a TV deal to televise those games and sponsors to finance it. With the association that certain players already have with companies like Nike, Coca-Cola, etc. I doubt they would have to look very far to find a powerful sponsor. This is so obvious to me that its amazing to me that with the amount of money players pay for lawyers, agents and managers that nobody has tried to put this plan into motion.
Not trying to be harsh, but when I think about how much money the Players would have generated if they put the right business mentality into these "celebrity classic" type of games they've been having I think some of these guys should be fired.
But luckily for the Players its not too late. I still honestly belief that if they can get 10 or so stars interested and have decent squads featuring mostly NBA players around them I can see this working.