Not far from Knossos is Malia, one of the smaller and less visited Minoan palaces. It is open everyday from 8:30 to 3 and cots a few euro. The palace dates back to 1400 BC. The central palace is impressive and you can see where the original columns stood. It's an interesting site since it hasn't been reconstructed.
If you're there on a hot day, there's actually a pretty nice beach nearby.