Not as feasible as one might want. With basketball, it really only takes 6 kids, 3 of them decent, to do well in many of the most challenging tournaments. Most decent players play on multiple teams throughout the year, and are at tournaments most weekends. Many teams wait until the absolute last minute to sign up for the tournament based on how many key players would be available. Only a select few tournaments could be stricter in terms of signup deadlines, deposits, penalties, without losing most of their teams to all of the other options.
Completely different to something like football, where you have 60 kids having to show up somewhere, and schedules are locked many months in advance. Or soccer, where it is more like 15 - 25 kids - and in both sports kids are pretty committed to the team for a year.