Guthridge retired in 2000 and North Carolina turned to Matt Doherty, the head coach at Notre Dame and a player on the 1982 championship team, to lead the Tar Heels. Doherty had little success while at North Carolina. In his first season, the Heels were ranked #1 in the polls in the middle of the Atlantic Coast Conference schedule and finished with a 26–7 record. The bottom fell out the following year, as the Tar Heels finished the season with a record of 8–20, the worst season in school history. They missed postseason play entirely for the first time since the 1965–66 season (including a record 27 straight NCAA Tournament appearances) and finished with a losing record for the first time since 1962 (Dean Smith's first year as coach). They also finished 4–12 in the ACC—only the program's second losing ACC record ever. The 12 losses were six more than the Tar Heels had ever suffered in a single season of ACC play, and placed them in a tie for 7th place—the program's first finish below fourth place ever. The season also saw the end of UNC's run of 31 straight 20-win seasons and 35 straight seasons of finishing third or higher in the ACC.
Carolina has played 160 games in the NCAA tournament. The Tar Heels have appeared in the NCAA Tournament Championship Game 11 times, and have been in a record 20 NCAA Tournament Final Fours. The Tar Heels have made it into the NCAA tournament 50 times (second-most all-time), and have amassed 123 victories (second most all-time). North Carolina also won the National Invitation Tournament in 1971, and appeared in two NIT Finals with six appearances in the NIT Tournament. Additionally, the team has been the number one seed in the NCAA Tournament 17 times, the latest being in 2019 (most #1 seeds all-time).
North Carolina is still alive in the recruitment for five-star shooting guard Bryce Thompson, one of the top uncommitted recruits in the 2020 class. The Tulsa, Oklahoma native cut his list down to seven teams in August. On Sunday, Thompson cut his list one more time as he trimmed it down to four finalists: UNC, Kansas, Oklahoma State, and Oklahoma. (Keeping It Heel)