I used the word effectively owned by the league because of the fact that as I mentioned you can be moved without your consent. Ask Sam Cassell who played for 4 teams in 2 years in the 90s, joking about living in hotels and not bothering to get a house because he wasn't sure when next he'd be shifted.
Or think about the fact that the players enter a draft with the NBA, and then they are selected by teams and they have to go where selected. Only once, in the case of Steve Francis, has a player refused to go the team that selected him in the draft. Otherwise, players end up with the club that selects them in the draft, irrespective of their preferences. They basically give up their right to choose a team when they enter the draft.
As for your no-trade clause.... there are 400 players in the NBA and only TWO (2) have no-trade clauses. One of them is the greatest active player. The other is current Finals MVP.