I doubt it.
I think Lutz likes college ball, I think he saw the chance to be instrumental in something that could be very big, I think he saw the career advancement he could get by getting some time in the Big 12 on the coaching bench, I think he saw the financial benefit of getting paid buy out plus assistant cash, I think he probably heard about FH from people that are mutual acquaintances that made him realize it'd be a good work environment. I think he saw a lot of things, but I don't think the NBA was one of them.
When it comes down to it he wants to be in coaching at the college level and the stars aligned right to have him join ISU as an assistant instead of sitting at home taking a couple years off. If this program is back to the NCAA next year and competing in the top 3 or the Big 12 Lutz will have positioned himself to get to a head coaching job in one of the power conferences IMO.