Alternative 1: No NZ team = National Rugby League in Australia
Alternative 2: 2 x NZ teams (Nth and Sth Island) = ANZRL
Personally, I would prefer that we focus on solidifying the comp into a truly national one (yes, Adelaide and Perth teams) and invest the money that has been invested in Melbourne to make it work. We may never get the support that AFL has in those places, but if we try for co-existence with a 10 year plan it may just work.
Once this is done, then look at expanding across the Tasman but maybe look at the RU Super14 model (with less teams, say a Super8) as a round robin/mid-season competition.
This is probably a whole other thread though.