It has been know for a very long time that simple models, like the Random Energy Model, displays a spin glass transition at low temperature. (the REM is a p-infinite limit the mean field p-spherical spin glass used in the earlier papers by LeCun) So it is expected that a random network may also display this kind of behavior, and, therefore, there could exist a large number of global minima, separated by very large barriers.
see, for example http://guava.physics.uiuc.edu/~nigel/courses/563/essays2000/...
However, it has been argued that this is unphysical for very strongly correlated systems like proteins and random hetero-polymers (with non-local contacts). Instead, one would have a spin glass minimal frustration. This would lead to a highly funneled energy landscape, with a single (or a few local) minima. This would lead to a rugged convexity.
https://charlesmartin14.wordpress.com/2015/03/25/why-does-de...
It would be helpful if some practitioners could comment on the reliability of the assumptions in this paper.