The NCAA announced that NBA Draft prospects must return by August 3rd. They added a second clause about 10 days before the NBA Draft Combine, but there is zero chance the NBA Draft Combine takes place in July or August. So just focus on August 3rd as the deadline date.
The NCAA allows players to enter the NBA Draft and return to school if they hire an NCAA certified agent. Jared Butler and MaCio Teague have both done that. Each retains the option to return to Baylor, but we now know that must be done by August 3rd. Nobody else from Baylor entered the NBA Draft.
The NBA is scheduled to return on July 31st. 22 teams will resume play, and then the league will go to a possible 8-9 seed series. That 8-9 series occurs if the 9 seed is within four games of the 8 seed. If not, there is not an 8-9 series. In the 8-9 series, the 8 seed needs to win one game, while the 9 seed needs to win two games. After that, the NBA will have its normal 16 team playoff format.
The NBA season will not conclude until October. The NBA Draft will happen after the season concludes.
I’d expect Butler and Teague to make decisions before August 3rd. They should have feedback before the NBA resumes. Butler is a second round pick on most mock sites, while Teague is likely to go undrafted. Both can use the next two months to decide what’s best for them.