Their major concern then related to alleged shenanigans regarding distribution of scholarships and their perception that they couldn't compete from a systems and financial perspective under those circumstances. Can't imagine that's a situation that has improved (relatively speaking) since then, so I think Georgia Tech's resistance to the notion of SEC membership has some genuine traction. "Academics" seems to dovetail pretty nicely with that point of view as well.

Also the SEC brand seems to be built on identification with public universities with large enrollments (Vanderbilt being the only current outlier). That would seem to pretty much rule out Wake (as well as Duke, for that matter). But there really doesn't seem to be a lot of rhyme or reason driving the current cycle of realignment beyond the apparent whims of ESPN.