Cricket Australia (CA) bosses will meet with their state counterparts on Melbourne on Thursday, as a self-imposed deadline for a decision on the sale of the clubs looms.
There remains varying levels of agreement to the idea of privatisation, which would see a 49 per cent stake in the clubs sold.
Under the current structure, the eight clubs are owned by CA with licensing agreements effectively leasing them out to the states.
NSW have been among the most vocal in questioning the move, but Germon insisted on Wednesday they were not closed off to the idea.
"We're at the point where we believe that there need to be alternative proposals considered," Germon said.
"We may well end up at the first proposal which is selling all the clubs, but we need to do the due diligence.
"We want to invest in BBL. We want to lift it. We want to have the best players playing it.
"Are there alternative ways we can do that without necessarily going straight to selling the clubs?"
One alternative is through gambling money and higher wagering fees.
CA CEO Todd Greenberg was able to use that effectively in the NRL, but has warned against relying on it since moving to cricket.
CA does have a gambling partner, but does not allowing gambling advertising in the BBL, with no sponsorship at stadiums, clubs or on broadcasts.
Officials would ideally like a decision on privatisation made by the end of April, with a feeling it is almost now or never for the concept.
At the same time rising salaries in overseas leagues continue to raise eyebrows.
In the newly privatised Hundred competition in England, the top-paid men's players were able to claim more than double the maximum BBL salary.
In the women's version, Beth Mooney was able to command $400,000 - almost three-times the maximum WBBL contract.
There is some thought a limited number of BBL clubs could privatise if their states wish, but that may still raise bigger questions around salary caps.
"It's a complex decision in many ways ... You're looking at it strategically, financially, but also from a cricket perspective," Germon said.
"If we do sell parts of our BBL clubs, what does that mean from a cricket ecosystem perspective?
"Not for the next four to five years, but for the next 10, 15, 20 years."
AAP understands a decision on whether to play next summer's BBL season opener will likely be made within weeks.
Officials are still keen for it to go ahead with the move not dependent on privatisation.
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