The "Big 3" in SQ, EY and DL were reported to be locked in Velocity's offerings for VA mk 2. Adding in AC and assumably NH would make it 5.
SQ, AC and NH would be enough to qualify for "Star Connect" status if Bain feels that VA would be a "Star Alliance Connect", the cheaper (but restricted version limited to VA's Star aligned partners only, not the whole Star network) without having to go through the process for the expensive full membership and having to facing approval status from all 26 members, considering the long standing problems between VA and UA / NZ.
But as a Star Connect member, Star benefits would be limited to the partners only and not the entire Star network - same as existing Star Connect members Juneyao and Thai Smile which are only limited to their Star aligned partners (largely LH group and the European partners).