Not necessarily. If the thought is he would have to sit the first semester of next year anyway (which is entirely possible given the NCAA), it might not be a very big deal for Nichols to start his tenure as a scholarship athlete in the fall. The difference between him and ET is ceiling. Gaining that extra half semester could mean a good deal for a player like Nichols when he is a SR. You don't envision that with ET as he has a good bit of pro potential so only playing 3 years instead of 4 is less likely of a hindrance for his future earnings potential. Under this scenario Nichols sits all of 2016-2017 and starts essentially as a RS Fr in 2017-18. A lot of time not playing competitive ball for Nichols but may be best for his future.
Yet, he could do all that and still enroll for school in January on a basketball scholarship. Other than losing a scholarship and the opportunity to attend school earlier, Nichols has nothing to gain. Just because he enrolls in January does not mean that he does not have the option to sit the entire 2016-17 season if he elects to.