I think you can re-enter the draft the following year in hopes of getting picked by another team.
I don’t think that’s true, that defeats the entire purpose of the draft. If a team selects a player they retain the draft rights forever unless the rights are traded. but yes teams generally try to avoid hostile players for other reasons, it’s usually not worth the hassle.
THJ’s contract isn’t big enough to warrant more than 2nds. At least he should be able to provide some shooting for you guys though.