Gotta disagree on these two points. Lubin is a project - he has an extremely limited skill set, and in all likelihood, the only thing about him that is D-1 quality is his body. He can probably be a good rebounder from the jump, but whatever limited skillset he has right now is neutralized by Facey being better than him. I would be surprised if Lubin was a meaningful contributor at any point this season.
And for as convincing as your take on Nolan is, I am guessing Ollie sees some value in a kid who played high-leverage minutes for a national championship team a year ago. He's never going to be somebody who fills up the stat sheet, but that's not what he's here for - he's familiar with the schemes, an improved screener, and very good at defending the perimeter and occupying bodies in the paint that clear the way for guys like Boatright to swoop in for rebounds.
I can already sense the Boneyard turning Nolan into another carnation of Tyler Olander. There is value in space fillers who know what they're doing, don't demand anything, and will never be the reason you lose a game. There are for sure much better options, but there are also a hell of a lot of worse ones.