Sounds like Johnson letter FedEx is getting to people today, so you’ll know your options soon.
OP, I don’t think we’re in disagreement. Consider two other factors: a business school’s reputation often has little to do with its undergraduates, and many many undergraduates change majors and outside of business W&L likely will offer you a better southern undergraduate education.
I was accepted to UT’s BHP program a few minutes ago. Does anybody think I should consider this if I happen to get the SMU or W&L scholarship?
@jkeil911 I’m beginning to agree. You are right about W&L’s overall reputation. I do love SMU as a school, which is why I’m defending it, but I haven’t seen W&L yet.
@scmom12 I know! I’m sitting on pins and needles now! 
How much would each cost you, per year?
The williams school isn’t ranked as business school because it is technically the Williams school for commerce, economics, and politics.
But, almost anyone will tell you that W&L has a better reputation than SMU. (I’m very biased though). I can say I know many people at W&L who chose it over SMU. There are people at W&L who got merit aid to SMU and only got in off the wait list here.