I am sticking in the Do Not Play camp.
The reason KU stopped playing WSU in the 90's was because of this:
1989 - KU won by 20 in Lawrence
1990 - KU won by 27 in Wichita
1991 - KU won by 34 in Lawrence
1992 - KU won by 30 in Wichita
1993 - KU won by 49 in Lawrence
Wichita State, after having some strong teams in the 70's through the mid 80's, fell off significantly. They weren't competitive. The game was irrelevant.
And that's why I think KU shouldn't play them. If WSU is good, the game would be on at least regional TV, but KU will be on regional TV whether they play WSU or Towson State. However, WSU doesn't help expose KU to a bigger audience because WSU is only on TV here in Kansas and KU is already going to be on here in Kansas either way.
I'd rather KU play San Diego State, or SMU, or Houston, or Loyola Marymount, or Seton Hall, or La Salle, or DePaul, all schools that are in major recruiting areas around the country than play WSU.
I like playing the D2 schools as exhibitions. Those games are good for both KU and the D2 schools because the D2's get a nice check and KU gets a nice tune up game, sometimes against a pretty darn good team. But WSU wouldn't want to play an exhibition, and because they are D1, the game would count. It doesn't help KU to play them because KU gets no additional exposure, and it doesn't add to KU's schedule strength over playing a game that KU could schedule anyway.
There's just no real point unless WSU gets to a level where they are similar to Louisville (who UK plays every year). WSU has to show that they won't fall back off like they did in the late 80's and early 90's because KU gains nothing from beating a team by an average of 32 points with no game being closer than 20.