It's actually worse than that...He's basically taking a $60-70M lottery ticket, of which $50M min is guarenteed (based on Bradford contract) and riping it up saying "I'll probably win the lottery next year too if I want the money" except by next year new rules will limit the $ of the lottery so at best he'd be signing for somewhere in the neighborhood of $15M for 4 years with $5M guarenteed (per John Clayton's musing on rookie salary cap). PLUS he could definitely "pull a Locker" and regress or have his teammates pull him down.
Even if he's the #1 pick in 2012 he'll be making about $45-50M less than being the #1 pick this year when the rookie salary scale will be implemented in the new NFL CBA. I'm all in favor of people getting college degrees, but when you consider that even if worst case scenario, he's the next Alex Smith with Carolina, he's STILL going to have $50M that will pay for the rest of his education and set his family up for life (assuming he doesn't pull an Antoine Walker and blow it all gambling/drugs/etc). There is absolutely 0% upside to this for him.