Actually, that is exactly what happens a good amount of the time. The thing about college players is that they cannot go back to college basketball if they hire an agent. The moment they hire an agent, it doesn't matter, they cannot go back to college ball. Secondly, my knowledge of this particular rule might be a bit fuzzy, but I remember a number of players who have declared for the draft without hiring an agent just to see where they'd be taken. My memory is that, if they get drafted, but do not like where they were drafted for whatever reason, they can simply go back to college as long as they never hired an agent. Finally, what Yi is doing is not unprecedented. Tiago Splitter was drafted by the Orlando Magic in 2005, but decided instead to stay in Europe and play without signing a contract with the Magic. He re-entered the draft and was selected by the Spurs, although it's unknown if he will sign with them.