I asked the guys over at realgm's cba board. According to one of the gurus there he could go to the NBDL, just not the Toros. If Gist decided to play in the d-league he would enter the d-league draft and have to play for whatever team drafts him. The Toros would not be allowed to draft him, trade for him or sign him as a d-league FA if he went undrafted. The Spurs would still hold his draft rights though, just like any other draft-and-stash player who is playing professionally on a non-NBA contract.
But like phila said, the d-league pays squat, so in all likelihood Gist is headed back to europe.

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