I wonder if anybody has ever proposed offering Wake and Duke a Notre Dame-type deal? In other words, let these schools compete in all sports except football as ACC members, and give them 5 OOC games against ACC schools every year. Pay these schools a pro rata share of the ACC TV revs based on their 5 games.
The benefits to the league are numerous, but the biggest and most economically significant is that you avoid the enormous opportunity costs of 8 mandatory league games versus these schools. More specifically, the opportunity costs of 4 mandatory home games at these schools.
Duke and Wake have tiny, empty stadiums. They do not generate ticket revenue, and presumably they don't generate much in donations due to football.
Why not allow FSU to generate another $1-2 million by scheduling a home-home in lieu of a regular home/away with Wake? Or play a higher profile OOC home/away?
I know there are lots of arguments based on pride, etc., but the bottom line is that the students and alumni simply don't care about their football programs. You can identify fans that care because they're in the stands on gameday.