They have a great AD, a president who supports athletics, and a T. Boone Pickens-like guy who's willing to spend.
They'll consistently finish in the Top half of the ACC for the foreseeable future.
The problem with Wake Forest is threefold:
1. They've been bad at football for decades with no special seasons.
2. They have a small alumni base
3. Most alumni don't live in North Carolina. Only ~20% of students are from NC, and only a small portion are from the Winston-Salem area.