Wake will always live in the shadow of UNC and Duke re: basketball, it's just the way it is. That's not LOWF, that's the way it would be for all but a handful of other teams in the country (Kentucky and Kansas?). Not saying we can't or won't be national powers, but we will never have the history of a UNC or Duke.
For a head coach coming into that job, that HAS to be an immense amount of pressure...you've already pretty much failed before you've begun. So Wellman makes the Bzz hire, and truly hopes it works out. He sticks with his guns even when it starts looking like it was a bad hire...and is now at the point of making the fans and other coaches expect below-average results on the floor. That serves two purposes: 1) Makes it so the fans are incredibly pleased with even a mediocre season, and even more enthused about an above average season, and 2) Makes the HC position at Wake Forest appear slightly more appealing due to the already lowered standards and it keeps the giant monkeys known as UNC and Duke basketball off your back for at least a few years while you work to build your own foundation at Wake.
The more I think about it, the more it seems like that HAS to be what Wellman is doing. Had he made a good hire after Dino (say an up and comer who could keep the fans enthused and excited) and then that coach failed, it would be like a desecration of the memory of Skip/Wake Basketball. At least with hiring an unproven guy in [Redacted], fans won't expect deep tourney runs and final fours right away, and you always have the fall guy in Dino to blame.
In terms of Wellman's viewpoint, it seems like a win-win (assuming he is able to make a hire after [Redacted] that can return the program to respectability and doesn't cost him his job)....he buys time, looks like a genius if [Redacted] actually pans out, and can always blame the other guy if it fails. And there's nowhere to go but up from the shithole we've fallen into.