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.