They were also invited to the 2012 NCAA Division I men's basketball tournament reaching the Elite Eight where they were defeated by Kansas.

In the second-round game versus Creighton, starting UNC point guard Kendall Marshall broke his right wrist with 10:56 remaining in the second half.

Kendall Marshall did not play in UNC's two following games in the NCAA Tournament, a 73-65 overtime win over Ohio in the Sweet 16 and a 67-80 loss to Kansas in the Elite Eight.

They opened the season against Michigan State in the inaugural Carrier Classic, which they won handily 67–55.

The Tar Heels would not lose again for the rest of the season, though they got a scare from Virginia before hanging on for a 54–51 win.