It may be a dead end job, but he's at Tulsa.
Would be crazy for him not to take this.
Previous Tulsa coaches have moved on to much better jobs than the current Wake Forest job:
Nolan Richardson - -> Arkansas
Tubby Smith - - > Georgia
Steve Robinson - - > Florida St.
Bill Self - - > Illinois
Buzz Peterson - - > Tennessee
By the way, that is a pretty impressive list of coaches as three of them have won NCAA titles!
As for historical performance, Tulsa and Wake Forest are similar programs over the past 30 years:
NCAAs: Wake Forest 15, Tulsa 13
Sweet 16s: Wake Forest 5, Tulsa 3
Elite 8s: Wake Forest 3, Tulsa 1
I would tell him to stay at Tulsa until a better job surfaces.