I agree with you. When I was still in the corporate world I turned down some jobs that I knew I could do but I didn't want to make the sacrifices in time and stress required.eh. I’ve turned down quite a few lucrative opportunities because I felt I couldn’t execute at the level needed.
A professional, in theory, should understand their skills, their value added, as well as their limitations.
That said I never had somebody offer me 10 times my current salary to do something that I had done earlier in my career
The hope is that now he has enough integrity to see that he can't do the job and to be willing to negotiate a buyout and leave.