Unfortunately, I don't think the Rockets can re-acquire Kyle Wiltjer this season. The Bogut situation is distinct because he was subsequently TRADED (not waived) by the team to which he was originally traded. The (most reasonable) intent of the "no re-acquiring rule" is to avoid situations in which Team A trades Player X to Team B, with the understanding that Team B would then waive Player X, who could then re-sign with Team A, thereby making the trade somewhat fraudulent. However, if Team B were to *trade* Player X to Team C, then Team C (who was not involved in the A-B trade) would control Player X's destiny, and the original A-B trade is thereby relieved of the taint of impropriety. (Of course, those teams might still be able to make arrangements with a third team to allow Player X's eventual return to Team A, but that would clearly be circumvention of the CBA, and if the league caught wind that such arrangements were being made, all three teams would be in for a world of hurt.) In Wiltjer's case, the moment he was waived by the Clippers, that likely ended even the slightest chance that he could return to the Rockets. Had the Clippers traded Wiltjer to a third team, who then cut him, only THEN would the Bogut situation be truly applicable. Just to be clear, I am not 100% certain about all this, but I think this is how the rule is interpreted by the league.
