A day after CA's announcement at the SCG, the move has been labelled a strategic and financial risk to Australian cricket.
"This decision risks leaving cricket in NSW and Australia strategically and financially worse off, with direct consequences for our ability to invest in grassroots cricket," a Cricket NSW statement read on Wednesday.
"We are proud to be part of an Australian cricket system that is the envy of the world.
"Yesterday's announcement threatens this system.
"The redistribution of profits to external investors reduces our ability to invest in community cricket, creating long-term impacts at all levels.
"The Cricket NSW board is also disappointed by the process leading to this decision.
"We have raised concerns directly with Cricket Australia, proposed an alternative pathway to strengthen the Big Bash, and highlighted significant risks within the proposal, informed by high-quality external advice."
The Australian Cricketers Association has continually raised major concerns over how CA can make privatisation work.
Australia's men's captain Pat Cummins and women's skipper Sophie Molineux fronted Tuesday's press conference with Cricket Australia chair Mike Baird and chief executive Todd Greenberg, despite the ACA yet to agree to terms on privatisation.
The ACA is pushing for a new agreement with CA - and possibly new team owners.
"Significant issues remain unresolved and the parties are currently a long way apart on a new agreement," an ACA statement read.
"The ACA remains open-minded about private investment in the Big Bash Leagues and committed to negotiating in good faith with CA to ensure any future model delivers positive outcomes for both the game and its players."
CA's self-determination model comes just months after Cricket Victoria's rogue decision to try to merge the Melbourne Stars and Melbourne Renegades.
CA will allow bids from private investors for the Renegades to have them playing under new management for the 2027/28 season.
The Stars will also likely be renamed after the Renegades are sold off.
CA will consider allowing other clubs to go on the market, depending on how well the sale of the Renegades goes.
Along with Queensland, NSW have been the biggest critics of privatisation.
Victoria, Western Australia and Tasmania are fully behind the push for private money to flow into the BBL.
Privatisation opens the door for multiple BBL clubs to be renamed and colours changed, as was the case with The Hundred in England last year.
Indian Premier League owners took charge of some franchises in The Hundred - Oval Invincibles (now MI London), Manchester Originals (Manchester Super Giants) and Northern Superchargers (Sunrisers Leeds).
But CA insists it will have the final say on branding proposals, while also not allowing new owners to force players to choose the BBL over international duties.
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