So basically if no one gives him an offer he is likely back on another 2-way?
No, he's just an RFA. I had to look it up. Two-way contract players become RFAs at the end of their two-way contract, assuming they're active enough days and the team extends a qualifying offer.
Two-way Free Agents
A Two-Way player (other than a first round draft pick whose third or fourth year option was not exercised) will be a Restricted Free Agent at the conclusion of a Two-Way Contract if he was on the NBA team’s active or inactive list for 15 or more days of the NBA regular season in the last season of such contract and provided that the team makes a Qualifying Offer to the player.