I think turning it down is a silly move. Knox is a player ranked somewhere between 10-15 in his class, IMO. He is not going to Kentucky to become Cal's latest OAD. If he chooses UNC, it might take him 3 years to even enter the draft. Missouri? You'd rather trust your future in Cuonzo Martin than a guaranteed amount if money that is enough to never have to work again?
Just a guess, but if I ran the statistics, players ranked 10-15 probably have a 50/50 shot of being drafted in the first round and succeeding enough in the NBA to get to that lucrative second contract.
What if he is a bust? It happens. I just heard Archie Goodwin got back on a roster, but am sure if he could go back and take 1.6m, he'd do it in a heartbeat.
What about Josh Selby? Thomas Bryant? David Padgett? Marcus Stone? Jason Parker? Rashad Sulaiman? Randolph Morris? Chase Jeter? Those are just a few off the top of my mind that probably would've made more from the 1.6m deal from China than any contract they'll sign in the NBA.
Times are changing. Players have got to start taking these overseas deals more serious. Lots of top 15 ranked players never get drafted or make the NBA. 1.6m is enough to last the rest of your life if you spend it right...