If you found a magic genie and he gave you the following choice, what would you do?
Wake is guaranteed to make an NCAA Tournament every single year, where they are playing at an NCAA caliber level, but in exchange Wake has to drop to the FCS level for football.
There is no guarantee of a Final Four or anything, but we're assuming for the sake of the question that Wake would make the NCAA on their own merits. This means that they would have around 20+ wins every year. It would also likely mean we have a very good chance at making a run in the ACC Tournament each year and a shot at a national title. In exchange though, the team moves to the FCS level - we'll say the SoCon - for football. Basketball remains in the ACC.
I decided to make it the FCS level because we could still tailgate and what not whereas if we just abandoned the football team there would be no such fun.