I think most of it just boils down to this. A lot of games (not just Wake) have attendance issues at times and I think you can attribute some of that to technology. With so many games being broadcast these days, you don't have to be Alabama or Notre Dame to see a game on tv.
I am friends with a guy who is a huge Ohio State fan and he comes with me to football and baseball games at times and he is loud and hardcore for Wake when he is at the games. Having said that, he's not going to go out and just buy tickets to the games. He usually attends when there are freebies through work or if I ever have extras.
I went to the now 7-0 SMU game yesterday. Obviously not P5, but perfect weather, larger city, and bigger enrollment. Announced crowd of only 23,000. Come on people support your local teams.