The argument for keeping Wellman goes like this:
1. He is the most accomplished AD in the history of Wake Forest, and it’s not even close.
2. He has overseen the most successful run in the history of Wake football, and football is currently the most important NCAA sport.
3. He was a key player in keeping the ACC together, which kept Wake in a P5 conference.
The argument for firing Wellman goes like this:
1. He screwed up the basketball program, in a major way.
2. Because of how he fired Dino, he has a bad rep in the NCAA basketball coaching community, which makes it challenging for Wake to attract a top coach.
IMO, both of these arguments are reasonable.
What I think will happen is what several others have suggested. Manning will be let go after another lackluster season and then a committee will lead the hiring of a new basketball coach, with Wellman having much less influence than he did over the previous several b-ball hirings.