No, a player cannot opt out if they are chosen. It is just like the real draft, as they will have until October or something to sign, and then if not signed, he could enter the main draft next April. But of course his NCAA eligibility would be voided.
Yes, if a player declares for the supp. draft and are not chosen, they become and UDFA. The only reason he is not an UDFA now is because he didn't declare for the main draft in April.
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