Telling the CEO he is full of shit is not actionable. Telling the CEO that his plan will not work and that to save the situation he needs to do XYZ is. If you've judged the situation correctly and that level of drama is actually necessary, then either they will respect you and do it or they wont and you'll quit/be fired. Either should be fine for you from your perspective as an employee even if financially it's a leap.
I say it's good advice because it's turned out to be very good for my career. I've had it blow up in my face once and turn out better than silence every other time. That's a muh better ratio than I would have guessed, I suspect because it's easier to fear the consequences of action than inaction.