(And real coverage of an annual event year after year does create legitimacy and elevates a sport's status on the national level. The bj-league, draft, though, is counterproductive in that regard.)
Having teams stock their roster with more players from team tryouts than from the actual draft makes the draft a less-than-significant event year after year, especially since a number of teams avoid drafting players entirely so they can offer them lower salaries and save money. But hey, that's what the league rules permit.
The draft is a joke. But it doesn't have to be farcical -- that is, if the league treats it like a professional event.