Craig joins the team from Western and Francois is a former Tasman player. Otago has lost two key players from last year.
Mid-courter Millie Lees and defender Hannah Broederlow have both been picked up by the Central Pulse franchise to play in the ANZ Championship.
But key players Greir Campbell, Emily Close, Claire Kersten, Olivia Bates, Jaimee Power and Jess Moulds return from the team that won the inaugural competition.
Hayley Saunders, Emma Moynihan, Kate Parsons and Danielle Calnan, all of who have played representative netball for Otago, join the side.
Janine Southby will again coach the Otago team, with Lauren Piebenga as assistant coach and the long-serving Janet Willis as manager.
The Lois Muir Challenge, named in honour of the Otago coaching great, begins at the end of March and runs for a month.
It includes 10 teams this year, up from seven in 2008.
