I heard a close relative of mine discussing the 1975 situation with Karl Klein. This was after 1975 when the number of publishers went into negative numbers. Karl Klein said that the members of the governing body were teasing Fred Franz about 1975 earlier in the year 1975 and his answer was "it isn't fall yet!"
They left a few saving clauses in their 1975 pronouncements. Maybe in their publications they allowed themselves some wiggle room but the whole thrust of the organization from 1966 onward was that something big-significant was going to happen in 1975. They weren't clear whether the great tribulation was going to start or if it would be over by then.
The whole thing was a debacle. It was not the figment of the members imaginations even though that's what the Watchtower would like to have everyone believe.