Doubt it. He is/was buddies with the Chicago front office. He may have had other opportunities but that is who, it appears, he wanted to coach. He also had dug himself a hole. He knew he was going to have to hit recruiting hard to fill the hole that was coming up and as he said, he hated recruiting.
I would imagine Fred's thought process was --
-- I'm friends with the front office executives.
-- This team *has* talent... Jimmy Butler can drag a team to the Finals by himself.
-- The offense was held back by the antiquated scheme run by the Thibodeau staff.
-- Thibodeau also ground guys down with the hard-nosed defense.
-- Worst comes to worst, I'm going to make $25 million.
I don't think he anticipated things would go so poorly he'd end up being a laughingstock who routinely makes or even tops "worst NBA coaches ever" lists. I also don't think he thought he'd fail so badly he'd be run out of the NBA forever (even Floyd had a second chance at a head-coaching spot even after how badly managed the early 2000s Bulls were) and end up marooned on some long-forgotten atoll called Nebraska.
He also probably thought things would go better in Lincoln, maybe to the point he'd rebuild his stock and could get back into the NBA game. Why not, it worked last time in Ames. Nebraska just doesn't have the tradition or fanbase that Iowa State does, though, is even more isolated, there isn't the synergy of the "ball boy becomes the head coach" mystique, and TJ isn't recruiting guys for him anymore. That and the Transfer U and chuck threes gimmicks have been embraced and replicated by the rest of college basketball.
Kansas is basically a rich man's version of those early 2010s Fred ISU teams now, and who knew that when you do that with Kansas' resources and propensity to cheat it leads to national titles.