Yes its confusing - especially when people run with headlines that don't tell the whole story.
End goal: Thunder want Caleb on their G-League team.
In order to do this, they need his G-League rights.
In order to get those, he must be "signed" by the Thunder then waived.
It's all roster manipulation.
He signed a non-guaranteed deal currently.
If he made the real Thunder roster - it would be worth approx $900k for the year (turns guaranteed in January).
Once waived (likely today), Thunder can sign Caleb to a standard G-League contract (approx $50k). He can earn a bonus (5k-75k) because of the type of contract he signed with the team.
This is NOT a two-way contract like RHJ.
If Caleb is a "walk on", then RHJ is a PWO (making approx 500k).
Benefit for Caleb: He can be elevated/signed by any team in the NBA if they want him during the season.
RHJ is tied to ONLY Raptors this year.