Midmajor is more than just "a basketball term". In fact, it was coined for FOOTBALL, and only LATER trickled on down to non-football sports for programs who exist outside of the Power leagues -- which for the record are the Pac-12, Big 12, BigTen, ACC, and SEC, plus Notre Dame. If you're not in that group...
...you're a midmajor.
And you're not in that group. Ergo, you're a midmajor.
And FWIW, the fact that the WAC no longer plays football does not mean you're no longer WACish. You're WACish because that's pretty much where your football team escaped to, after leaving the MWC. While Utah was negotiating to join the Pac-12, the cougars were negotiating with the WAC! And while you were trying align YOUR sports programs in the WAC, the WAC schools were trying to get out, and find a spot in the MWC. How embarrassing for you.