I'm late to the party, but this offer makes a ton of sense. I hope he commits.
No reason to go into next year with two open scholarships, regardless of how good the team is projected to be. Using them on random transfers that ride the pine might upset team chemistry. Sure you have to go after transfers, but the stud guards who also buy into team ball and have goal of winning above individual success will be rare IMO. If Purdue can find a Mike Smith, Chaundee Brown that wants to compete in a loaded backcourt then go for it obviously.
I don't want to say Waddell is a can't miss, but knowing the pedigree of his father and a recent comp from the same Carmel program with no high major offers in Cline, it seems like he has a high floor as a solid rotational piece for a winning team in 2-3 years.
What I really like is that with his growth spurt and athleticism, his ceiling could be much higher than the Cline, Sasha's, and Smiths who have had success under Painter. He could be something in the mold of the Stauskas, Duncan Robinson, and Franz Wagner that Michigan's always had. Again, that is very best case and probably unlikely as those guys all got to the NBA level, but I will take something in between for that 12-13 scholarship every time. Especially if it is a Purdue kid who understands the culture that has already been well established.