Dean Smith's 1992–93 squad featured George Lynch, Eric Montross, Brian Reese, Donald Williams, and Derrick Phelps. The Tar Heels started out with an 8–0 record and were ranked #5 in the country when they met #6 Michigan in the semi-finals of the Rainbow Classic. The Wolverines, led by the Fab Five in their sophomore season, won 79–78 on a last-second shot. North Carolina bounced back with nine straight wins before losing back-to-back road games against unranked Wake Forest and #5 Duke. After seven more straight wins, the Tar Heels were ranked #1 heading into the last week of the regular season (their first #1 ranking since the start of the 1987–88 season). North Carolina beat #14 Wake Forest and #6 Duke to close out the regular season and clinch the top seed in the ACC tournament. North Carolina reached the tournament final, but they lost 77–75 to Georgia Tech without Derrick Phelps, who was injured. Nonetheless, North Carolina was awarded the top seed in the East Regional of the NCAA Tournament, defeating #16-seed East Carolina (85-65), #8-seed Rhode Island (112-67), #4-seed Arkansas (80-74) and #2-seed Cincinnati (75-68) to reach the Final Four in New Orleans.