That's about the most accurate and open minded explanation I've seen on here.
I would only add that WAVE 3 were offered to go back to AA, but the terms were horrible: 8 "exhibition" games, still not playoff eligible. And the games were one-offs, i.e. Vacantville for ONE game (not 4 like CAHA) San Jose for ONE game. No one would agree to that, so the offer was not in good faith.
A team like the Ducks, who lose players who follow a coach, should look in the mirror at its own program if it can't keep kids and coaches.
As for WAVE 3, stay tuned.