Somebody may know more about this than I do, but I go to the home games so I've seen what they've done that's visible. The only visible renovations are that they painted "Wake Forest Demon Deacons" everywhere that they could, installed a (much needed) new scoreboard over the court, large monitors in each corner upstairs that show the score and game/player stats, and a new 360 degree advertising band on the facing of the balcony (presumably paid for by the advertising). There was some deferred maintenance to take care of like roof leaks, and there may have been some back of the house work that the public doesn't see (maybe on the locker rooms?), but there's been nothing that anyone would call even moderately major renovations. Seats are the same, bathrooms are the same, concourse is the same, and the Windsor Jewelry Room is still the same. The biggest change may be that we can now buy beer.
I don't want to re-ignite the old debate about this, but a good point of comparison is Gonzaga which built their 6,000 seat arena in 2004. If Wiki is correct, it cost them $25 million then, or the equivalent of $33.2 million today. $7 million for the 14,500 seat Joel was a steal, even with a few million bucks spent on some new lipstick. The land value alone is several million. And if we ever do want to build something smaller on campus, where would you put parking even for a 6,000 seat arena? There's not enough parking for just the students, faculty, and staff, some of whom have to park at the God Dome and even in the Groves Stadium parking lot and take a shuttle bus to campus. Most students have cars today (unlike back in our day).
Another example is the U of Miami's arena: 8,000 seats; built in 2003 for $48 million or $60.8 million in 2018 dollars. Again, the Joel deal was a steal for WFU.