I think Knecht just fell to the best situation possible*. First of all, he probably still hasn't wrapped his mind around the fact that he gets to play with a top 3 player, all time. Reddick is going to know how to use Knecht probably better than any other player on the roster. Lebron is going to get him shots. He's filling a desperate need they've had for 2 years, so it's hard to imagine he'd waste away on the bench, or something.
Now for cons, he's going to have to deal with the Lakers spotlight and it's everybody's fault except Lebron, but that is all less important than the pros.
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*76ers or Grizz would have been good, too