The WCO had its heyday in a time when most defenses were geared towards stopping power run offenses. Strength and power were maximized at the expense of speed in those defenses. The short precision passing of the WCO spread defenses out and took advantage of defenders who were too slow to cover lots of space. BYU's receivers weren't that fast during this era, but defenses across the board were much slower.

Second generation spread offenses (like what Meyer ran at Utah) added a mobile QB and read option elements which allowed for a run game while trading a fullback for an extra receiver (the QB is essentially the fullback in that he removes the DE from the play by being a threat to run). The second gen spread REALLY spread offenses out and punished slow oversized defenses.

Everybody started running the spread (including HS teams) and defenses got smaller and faster. Coaches (including Meyer) recognized that the spread effect of the WCO was really completely eclipsed by the effect of spread personnel and mobile QBs. And because HS QBs were also increasingly running 2nd gen spread offenses, there were few QBs who could make the reads or accurate throws needed in a WCO. This ushered in the explosion of third gen spread offenses (tOSU, Clemson, Auburn, Baylor, etc) where short to intermediate precise WCO passing elements have been dropped in favor of more strategic, big play, downfield shots.

The WCO no longer has the advantage of spreading out slow defenses- 2nd and third gen spreads do a better job than the WCO, and defenses are built to play in space with speed. If anything, the mismatch advantage is in favor of teams that employ a more retro, mass at the point of attack, power run system. Things are cyclical, but right now I don't think the WCO is the right scheme for CFB.