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There's nothing wrong with Michael Kidd-Gilchrist as a player. In fact, he's already the Bobcats' most effective defender, and has helped them win games early in the season.
But with the second overall pick in the draft, you want someone who can come in and make a difference offensively too.
He took the forth most shots on the team in his freshman year at Kentucky, which can be attributed to that fact that he's not great at creating them. Kidd-Gilchrist is more of a complementary piece, which every good team needs. But you can get those type of guys later.
There wasn't much star power in the 2012 NBA draft, so the selection wasn't a poor one. But if Charlotte had the choice between the second pick in the 2012 draft and the second pick in the 2013 draft, I don't even think it's even a question.
Cody Zeller, Shabazz Muhammad and Nerlens Noel all potentially have a higher ceiling than Michael Kidd-Gilchrist. When looking to find the centerpiece of your franchise, a high-end role player isn't the most ideal option.