My $0.02 on this (because I'm sure you were all on the edge of your seat waiting for this)
If the reason the Ellenson's don't like Pitino and the U is truly because Wally doesn't play enough, I have a huge problem with that for a few reasons.
1) to those saying "what parent wouldn't be upset!?!?" Mine wouldn't. They'd tell me to bust my butt and earn the playing time. That no coach is going to just hand it out if you don't deserve it. I am not ready to call them a demon or anything. I am sure they are very nice people. But. No matter how much you love your kid, he doesn't deserve to just be handed playing time because he is so special and wonderful. And it is not the parents' place to run to the media if that is also the case. If Wally has a concern he can talk to Pitino or his boss and he is free to transfer at the end of the year.
2) my gut feeling (no proof of this) is that Wally is under some sort of internal suspension possibly relating to the earlier altercation. Even Mav plays and now Buggs does occasionally. To me that sort of kills the "he just sucks" argument. I think Pitino has other reasons for not playing him. Whether it is attitude, behavior, etc. Pitino at one point said Buggs wasn't following the training/diet program. I'd guess that was a part of why he didn't play before too. Could be a similar case with Wally.
3) I think the Wally personal bashing is due in part to his demeanor on the bench. You watch Buggs and he is always excited even when he never plays. He jumps up and cheers and smiles. Wally just doesn't. I don't think that's a valid reason to go after him though, but I can understand it. A lot of guys just don't have that mentality and are quieter and more reserved. Doesn't make him a bad teammate or mean he doesn't care or anything.
All that said, I wouldn't be surprised if he transferred. However, I am not ready to write him off. And while I disagree with his family's perceived opinion that he just deserves playing time no matter what, but I am not ready to vilify them. I think they are being a bit petty about this whole thing. I would still guess they are perfectly fine and nice people.