IMO it's almost certainly "rag it." In this video from the Lightning feed, after the first (contested) "rag it/f****t," you can hear another voice say "rag it, rag it, rag it" -- which is exactly what Gourde does. Pretty sure the direction to "rag it" comes from the Lightning bench.
https://streamable.com/jof22
Also, if Rielly says "fu*k," the voice that purportedly says "f****t" sounds nothing like him. Rielly's voice sounds much deeper.