Oden is obviously a huuuuge health risk, and it's perfectly sane to assume we wouldn't want ANY player with that much risk.
However... I must say, people rarely give him credit for how good he has been, and not just in college. His closest comparison on the court is Dwight Howard and the gap isn't as far as you might think... per 40 minutes they both averaged about 20/15/3 in '09-10. Oden had a bit of a fouling problem and obviously he got hurt, bad, again, however if Oden pulls a Grant Hill and comes back 80% of what he was, he could still be a top-5 center in this league. 14/10 and 2 BPG in 30 minutes would be realistic, IMO if his health is stable (albeit not what it once was). And a good defender and teammate to boot, playing the most valuable position on the court.
Maybe it's not the move for the Cs, hard to say (mostly, they gotta trust their doctors and look at the price tag), but someone ought to take another gamble on the kid if there's a reasonable medical hope for him.
2 years, MLE depending on the medical prognosis wouldn't be crazy IMO. That's $10M guaranteed for Oden, and the Cs will give him one of the best opportunities out there to salvage his career. If he can make a comeback, the Cs can either try to lock him up or move him as part of a bigger deal (Dwight Howard?). If not, they miss out on whatever else if left on the MLE market, which might not be that great, and Oden is still set for life (assuming he's smart, which he seems to be).