I don’t think he’s ready to go to Europe to play hockey or ride the bus in the A. NHL teams weren’t ready to pick him up for free so…
None of those are gonna be an outcome for TJ. He's a better hockey player than an AHLer would be, so he'll be in the NHL. The contract (or at at best, the buyout) is a sunk cost. He only got sent down in hopes that someone else wanted his contract (and later, for one game, for technical LTIR reasons).
There are three possibilities: 1) Tampa trades him to someone else who will pay him to play, 2) Tampa can't trade him and continues to pay him and play him, or 3) Tampa can't move him, buys him out, and some other NHL team signs him for much less than $4.5m to play for them.
(I suppose there's a 1a) where we trade him with retention but that feels really unlikely.)
In any case, Europe is definitely off the table, and the A just isn't worth it because all we'd do is save $1m of his cap hit while needing to replace him with a guy on a minimum contract (in other words, we'd be swapping TJ for some guy who would otherwise be in the AHL, all just to save $300k in cap space).