Is this pot ok for this plant?

Hello! I am trying to improve my green thumb. This is a Trader Joe’s pick up that was wrapped in paper until today. It’s got this giant root sticking out and a couple of loose roots on the bottom. I think it needs a replant.

I am notorious for putting plants into pots that are too big for them and ruining it. Is this pot a good size? Should I do anything with the giant mutant root sticking out of the side? Any general tips for a replanting? thanks for any support you can provide I really want to keep this one alive.