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

They were defeated by eventual national champion, then fifth-ranked UConn in the Jimmy V Classic and lost a rivalry match to fourteenth-ranked Kentucky.

After starters Caleb Love, R. J. Davis, Armando Bacot, and Leaky Black, who had been key pieces in the 2021–22 team's National Runner-Up finish, decided to return for the 2022–23 season, the Tar Heels earned the No.

After missing the "big dance," the Tar Heels issued a statement declining a bid for the NIT.

[2] Bacot, despite battling ankle and shoulder injuries that caused him to miss some time, proved to be one of the lone bright spots on the season, as neither Love, Davis, nor Black returned to their form from the 2022 tournament run.

Nickel transferred to Virginia Tech, and McKoy chose to spend his final season of eligibility at Hawaii.

[6][7] Following Nickel and McKoy, sophomore guard/forward Dontrez Styles announced his intentions to leave the Tar Heels and enter the transfer portal.

Later that week, both R.J. Davis and Armando Bacot announced their decisions to return for another season in Chapel Hill.

[16] After much speculation as to what his future would hold, Caleb Love decided to enter the transfer portal and play his senior season elsewhere.

[22] Later in the month, former Notre Dame guard Cormac Ryan committed to the Tar Heels following an official visit to Chapel Hill.

[25] Also in May, guard Elliot Cadeau, who had been committed to the Tar Heels as part of their 2024 recruiting class, announced his intentions to reclassify and head to Chapel Hill for the 2023-24 season.