I like to add to what Bifferwine stated.
Both live rock and bioballs are biological filters.Where the difference is live rock can go a step further,breaking down nitrate while bioballs causes it to raise,if not clean regularly.Plus they make great homes for copepods,brittle stars,worms etc which are beneficial cleaners.I highly recommend adding at least one pound per gallon or 120lbs,in your case.The refugium with live rock rubble,algae,and deep sandbed also aids in the removal of nitrates too.
Most people use live rock and don't bother with wet/drys anymore.