Of course, maybe they also just never were as good as I remember them being. When I think of Wake basketball, I immediately think of Tim Duncan and Chris Paul. It's been a loooong time since either of them were there, especially Duncan. And even when Duncan and Paul were there, it isn't like Wake was great. They were good, but not consistently a great team. They made a Sweet Sixteen with Paul his freshman year, but then got bounced early his sophomore season. They made some tournament runs with Duncan and won the ACCT once, but didn't make a Final Four or beyond.
Outside of those two eras, their program has had virtually no success.