Im hoping a more in-depth report is forthcoming. My understanding - when the news broke of the injury - was that there a structural problem with the hip arising from a genetic abnormality in how the ball and socket formed. I'd be curious to know how this is remedied without surgery. Not to sound pessimistic as I'm not a doctor, but it is interesting how this will be prevented from recurring without addressing the structural issue.
You're most likely referring to pincer syndrome which is a form of femoral acetabular impingement which is more common in males. It's where the acetabulum (the pocket or cup that the femoral head sits in) slightly overgrows around the femoral head and can restrict range of motion.
It sounds a lot worse than it is since there's a high percentage of people (even high level athletes) walking around with impingement for their entire lives that never know they have it.
It probably played a role in predisposing IT to a labral tear -but the main concern was still the labrum tearing. The labrum is a layer of cartilage that lines the acetabulum (the cup where the head of the femur rests) and creates more surface area to contact the femoral head. Tearing it can be painful and block motion at the joint.
It sounds like IT went with a conservative/nonsurgical approach of treating it with physical therapy. They wouldn't let him play unless he had full strength and range of motion back at the hip (because he'd most likely just reinjure it) so I'm guessing he's good to go.
In terms of reinjury though... I wouldn't worry too much about the FAI causing the labral tear since IT is almost 30 now and made it his whole life playing basketball without it ever effecting him prior to last season. He's probably marginally more at risk of reinjury than he would be if he didn't have the FAI but it's pretty negligible all things considered. The guy's played a TREMENDOUS amount of basketball at the highest level with almost no injuries. His body is pretty durable.