The problem with baseline prestige in relation to real life is that in the real world, if you stink for a long, long time, there is no bottom to where your "prestige" might go. Take, say, a school like LaSalle or even PC where they produced good team after good team after good team in the 50's, 60's, 70's, and even the 80's. Now, after 20+ years of just not being that great (I know, PC had an elite eight run in '97, but that was more of a blip than anything), they're not as prestigious on the basketball front as they were in the Speedy Morris days. In this HD example, Wake could have a zillion bad seasons in a row, but not be as penalized by poor play because they're dragged up a superior conference. Meanwhile, if you're at a Big Six school with a lower baseline prestige (Iowa, Northwestern, etc.), you could have 395 good seasons in a row, make the PIT a year or two, and bam, you're all the way back down in the B's despite never having a truly awful season simply because the gods of HD stuck those schools with lower baseline prestiges in the first place than Illinois and Michigan State.
Oh, and EE's. They also suck.