Assuming that he's not quitting because of a medical issue...
Education and basketball are not mutually exclusive. Didn't Levi have a 4.0 GPA last year in addition to making it rain every night? All athletes manage to juggle both with some excelling in both. And Harvard-Westlake is one of the elite academic highschools in the country so I find it hard to believe that Damiene would have a difficult time with CU classes.
If Burks had done the same thing prior to his freshman year i'm sure you'd be lauding him for making a "wise life decesion" as well. Basketball just like academics can open up doors. He's been given a unique opportunity to be a part of some greater then himself, to play in front of 10,000 fans a night, to play on national TV, to travel around the country, to make a legacy, to be a BMOC, and possibly too cash in playing basketball after he graduates and he's pissing that all away so he can get some extra time to do his math homework (again it's not like he wouldn't have time if he was playing, he just has more this way).
And what about the tutoring and free ride scholarship that he's giving up, is that a wise academic or financial choice? And what about the CU basketball community? He could have made this choice before he went and committed to CU. Now the team he's turning his back on is down a player, as fans we have a worse product to watch, the countless hours and resources that the coaching staff spent recruting Damiene are all for not and could have been devoted elsewhere.
At the very least give it one season and if for whatever reason he still feels this way then quit. Consider this a mini rant, I could keep going. If it makes me a douchebag so be it but Cain should be taking this douchebag's advice rather then listening to whoever he is now.