The talent level has declined. Throughout the years, there were ex Hawkeyes like Duez Henderson, etc. or pros looking for competition that played. Now there are more high school players than ever before.
Other than the players from Iowa and UNI, the talent level is as low as it's ever been. And NCAA rules allow for only two or three players from a given DI program to play in the same summer league team, so those guys are all spread out.
I remember by first year covering it was 1998. Brad Lohaus and Acie Earl were among the guys running in the league. Those days have long passed. It's bad hoops.