I tried pulling the knot from the handle with my hands, but I couldn't get it out. It did snug up the knot, and it stopped spinning.
I'm not sure if that's a permanent fix. I put it away for awhile, and am planning on returning to it later.
The original plan was to rip out the knot and see if there was any grossness at the base. If it's just a failed glue joint, re-adhere with silicone or epoxy. Clean it up if needed, toss and replace it if there's a terrible stinky monster eating the glue.
I'll check on it again soon and see if it's still snug in the handle now that it's dry.