It will be as big a piece of news as ESPN will try and make it. There was absolutely nothing in it. Knight was chastising the kid for committing a stupid foul and the kid was looking at the floor while Knight was talking to him. Knight clipped him in an upward motion under the chin so that the kid would look him in the eye. Nothing more, nothing less.
ESPN are already trying to turn this into a HUGE deal by ending each showing of it with a " we will hear more about this ". This kind of stuff goes on every week in sports and is nowhere near as big a deal as some people will try and make out.