The Tar Heels played their home games at the Dean Smith Center in Chapel Hill, as members of the Atlantic Coast Conference.

[2] Following the missed bid, coach Hubert Davis announced via statement that the team would decline an invite to the 2023 NIT, ending their season.

[2] In Hubert Davis' first year at the helm, the Tar Heels got off to a rocky start, with blowout losses to Tennessee, Kentucky, Miami, Wake Forest, and Duke (at home).

The Tar Heels capped the regular season with an upset win over the Blue Devils at Cameron Indoor Stadium in Mike Krzyzewski's final home game.

The Tar Heels earned a record 21st Final Four appearance, where they beat the Blue Devils in the first-ever NCAA Tournament matchup between the rival schools, 81–77, before falling 69–72 against Kansas in the National Championship game.

[9] After speculation that he would turn pro and enter the 2022 NBA draft, Armando Bacot confirmed his return in a video for the 2022–23 season on April 13, 2022.

[11][12][13] On June 18, former Northwestern forward Pete Nance announced that he had committed to North Carolina, completing their roster for the 2022–23 season.