UK Sport has begun its consultation into deciding its funding strategy beyond the 2016 Rio Olympics.
The agency - responsible for investing public funds in high performance sport - had told the BBC it would look to reconsider the "no-compromise" approach to medal-based funding.
Discussions will take place with "key sport partners" and the public.
UK Sport CEO Liz Nicholl said: "To remain one step ahead of our closest rivals, we must continue to evolve."
She added: "UK Sport invests public funding, from the National Lottery and the Exchequer, and so it is right for us to consult on the extent to which the nation values Olympic and Paralympic medal success, and what other factors might inform our future investment strategy."
UK Sport set out its key objectives:
- Seek input into strategic direction beyond Rio 2016, to deliver maximum impact from investing in high performance sport.
- Consultation open to all UK sports, partners and the British public to help inform review.
- 2017-2021 investment principles to be finalised before the Rio 2016 Games.
British Basketball Union chairman Kevin Routledge said changes to team sport funding needed to be in place before the 2016 Olympics.
"While consulting goes on, there are talented youngsters not able to realise their potential," Routledge told BBC Sport earlier this week.
"Clearly we very much welcome the announcement but we are a little disappointed that it has taken two years to get to this stage, post London.
"We believe there is no need to do a long consultation, nor are we sure why implementation has to wait until post Rio."
Basketball was among a number of Olympic disciplines to have their budgets cut by UK Sport after failing to reach medal targets for London 2012.