With the way I'm imagining this, I have a hard time picture this being successful at all, as I'm picturing an ESPY like affair, with everyone in tuxes, celebrity presenters, skits, etc.
The players are all on vacation. Unless the NBA comes down hard, you might have a lot of no-shows.
The sting of losing in the playoffs is still going to be fresh on most award winners minds. You're going to get a lot of less-than-enthusiastic reactions, like this:
(When Dirk got his MVP award after the Mavs were upset in the 1st round)

How excited would Curry have been last year to get the 2016 MVP award after losing in the Finals?
And unlike the ESPY's, there's really not that much surprise who is going to win what awards. With the cross-sport categories like "Best Male Athlete" you have no idea if it's going to be LeBron or Tom Brady or Bryce Harper. Is "Best Team" going to be the Warriors or the Patriots or the Cubs? But with NBA, most awards usually have clear cut favorites, or at the most a 2 horse race.
"And the 2016 ROY is, envelope please, Karl Anthony Towns!" gasp
The announcement of most awards is already a formality, now they're making it even more of a formality?
Are they going to drag a guys like James Harden, Isaiah Thomas, or Jae Crowder in, because they
might make 3rd team All-NBA or 2nd team All-Defense, but nothing else? We need to show 5 nominees for ROY, let's make sure Jaylen Brown, Brandon Ingram, Ben Simmons, and Kris Dunn are here so we can give a shot of them in the audience and see the disappoint on their face when we announce Embiid as the winner?
If it's anything like just about every other award show, I think it's going to be a disaster.