I just don't know why either of those schools would agree to that at this point. I mean, Wake Forest obviously wouldn't. They just won the league in 2006, have been in the running for their division title late in the season a few times since then (they arguably gave the division away in the 4th quarter in Death Valley last year), and have beaten FSU 4 of the last 6 years. It would be impossible to make the case that Wake Forest deserves any sort of relegation.
I know there's at least urban legend that says that Duke has considered dropping back to 1-AA for football more than once over the past 20 years. I don't know if it's true, but let's say that they did consider it at some point. Why would they go for that now? They would never willingly walk away from a full share of conference football revenue. (Unless I'm misunderstanding you and you're saying Duke would keep getting a full share but we just wouldn't have to worry about giving them a full schedule of ACC football games.)
I think if we can get Notre Dame we let them pick team #16 and live with whatever scheduling issues arise. It would guarantee the relevance of ACC football for as long as college football continues to be played.
The last numbers I saw for Duke were in 2009 and their football income minus expenses were actually negative. It would come down to numbers--if you're losing money, why continue to compete? I don't think Wake Forest makes much money off of football. I think both Duke and Wake kill it in bball revenue.
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