I'm sure this has been covered (my utter lack of interest as to where we are ranked precludes me from reading the entire thread), but here's where I see the risk (to WFU; not to those of us who graduated more than 0 years ago): assuming the kid can get in to either, as a parent why would you send your kid to a ridiculously expensive school ranked significantly lower (by the ranking that, for better or worse, matters most) over a less expensive, higher ranked school?
It would be like choosing SMU over UT. There may be reasons why you'd do that, but I can't think of a single good one.
If I were WFU I'd be (even more) worried that I'm trending toward a school for rich kids who didn't get into some less expensive, equally or better ranked school. Sure, there's a number most of us would pay to allow our kids to have a similar experience, etc. at a school we love. But that number is not $50K+ per year.