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I'm likely biased as my daughter is going there by dulac89

But I can't imagine really any scenario where Wake is kicked out. They are a longtime member. The four NC schools are actually very close and cooperate on many things. Depending on who is doing the rankings, Wake is basically tied as the second best school in the ACC with UNC and UVA (if you don't count ND). Not that it's necessarily a meaningful metric, but Wake has been in a bowl the last 5 years. Wake Soccer is frequently a top 10 program. Basketball is down but has had historical success.

I'm not saying Wake is going to become an ACC Powerhouse at any time, but I sincerely doubt there is any meaningful discussion about kicking Wake out.

edit: this is all predicated on the ACC continuing as a conference. If the ACC folds due to defections, or merges with another conference, this discussion could change entirely. But I think the ACC would have a hard time letting Wake go if Vanderbilt gets to stay in the new conference.