Alloying nanocrystalline materials to stabilize them against grain growth is proving a critical enabling strategy for the processing and usage of bulk nanocrystalline parts. Alloying elements that segregate strongly to grain boundaries can lead to a preference for nanocrystalline structure, and to be most stable the grain boundary segregated state would need to be preferred to forming any other phase or solute configuration, including a solid solution, ordered compounds, or solute precipitates. In this paper, a stability criterion is developed by comparing the enthalpy of the grain boundary segregated state against such stable bulk phases. This enthalpic criterion is also translated into a lattice model framework to enable the use of Monte Carlo simulations to incorporate entropic and geometric effects in assessing nanocrystalline stability. Monte Carlo simulations show that entropy can play a role in stabilizing nanocrystalline states, leading to duplex structures, and also in forming a grain boundary network preferentially over a disordered or amorphous-like bulk phase.