Personally, I think it's a bad move. The situation looks very bad for all involved, and being that the NCAA initially ruled him eligible in May and then admitted that it made a mistake, there's no one that wants this to go away more quickly than them. Now that legal teams and courts are involved as well, I'd expect the NCAA to make an official ruling within a matter of days. If that happens, then you have to ask what Memphis really got out of playing Wiseman for 3-4 games, and was it really worth the possible backlash that could come from it. At this point, it's very possible that the NCAA says that Wiseman is only suspended for 10 games, but because Memphis chose to play him, they get a postseason ban, Penny is suspended, lost scholarships, etc. And all for what?
From the Memphis point of view, you do have to remember that they received a court issued restraining order against the NCAA, so if the NCAA does try to get tough on them, best case... a judge won't allow it. Worst case, they'll be able to string this entire thing out in court for the next 6 months, and by the time it's over, the season will be over as well. At that point, it's just a matter of whether you care about vacated wins and such
Again, I wouldn't be playing Wiseman right now, but I do get why Memphis thinks they have the NCAA backed into a corner. What's going to be interesting is how the NCAA initially rules on Wiseman and then what they decide to to about Memphis playing him anyway. Bear in mind that Sidney was penalized 1.3 seasons for what amounted to $11,800 in preferential benefits, so it's hard to imagine any scenario where Wiseman is ruled ineligible for anything less than a season. This is the NCAA, though...