H, Probably both.
I think it's logical that if you don't pick the right ISA,GPS,CAS teams etc, which form the basis of any Waratahs side, then the resultant Waratahs side will be what it will be. BTW, I am not saying it is widely off the mark, but many have commented about certain selections, and I believe for solid reasons.
EG, As the CAS comp currently stands, Knox and Waves are on top, and the Waves defeated 2 strong sides yet didn't get even 1 in either of starting Waratahs sides. Maybe they are just a good team which is peaking at the right time, but with no representation at all is a real stretch.
This logic would apply to any team in this position.
Should the Waves beat Knox in the next game, then I think it's fair to say that they will win the CAS comp.