If North Carolina Doesn’t Land Billy Donovan, Is Blueblood Power Slipping?

INDIANAPOLIS — Billy Donovan would appear to be next on the clock at North Carolina.

Tommy Lloyd self-announced Friday at the Final Four that he has agreed to a new contract to stay at Arizona, worth a reported more than $7 million annually through the 2030–31 season.

“We’ve been able to get some things done the past couple days,” Loyd said. “Arizona basketball, you guys know what it means to me, and when I say it’s a special place, that always comes from the bottom of my heart. I didn’t want to make this entire Final Four about that because I’m just a small part of something much bigger, but on that same note, I’d also like to let you know that North Carolina is an amazing place. I mean, it’s a one of one. It’s an honor to even be considered for that job. North Carolina is a first-class organization, and I appreciate them for the way they’ve handled this.”

CBS Sports reported Lloyd would no longer report to Arizona athletic director Desireé Reed-Francois, but she tells Sports Illustrated that’s “not exactly” correct. “For budgets and other things, it’s going to be a joint effort,” Reed-Francois says.

“We’re really excited about this contract and continuing the upward trajectory of Arizona basketball,” Reed-Francois says. “Coach Lloyd has proven to be an excellent coach, and what I appreciate about him is the culture that he’s built, the demand for excellence, but also the care factor that he exhibits with our student-athletes. It’s a good day for Arizona.”

It’s not a great day for North Carolina, having been turned down by Lloyd. But it’s far from a disaster for the Tar Heels.

The decision maintains Arizona’s remarkable forever streak of not losing a head men’s basketball coach to another school. For Carolina, quality options remain—especially if they can land Chicago Bulls coach Donovan.

People who know Donovan say he will listen to North Carolina, but the outcome of any discussions is far from a certainty. Donovan thought highly of the North Carolina job dating back to his time at Florida from 1996 to 2015.

His college coaching credentials are unimpeachable: two national titles, four Final Fours, seven Elite Eights and eight Sweet 16s. Yes, the college game has changed drastically since he’s been gone—but it’s largely changed to become more like the league where Donovan has been for the past 11 years. He knows how to coach the game at an elite level; should he become the next coach at Carolina or elsewhere in college, he would figure out the player procurement and compensation piece along the way.

The Bulls have six games left this season, with the finale April 12 at Dallas. At 29–47, they have been eliminated from the playoffs.

Where Carolina could turn if Donovan isn’t the choice would be interesting.

Another Final Four coach who has been part of the North Carolina speculation, Michigan’s Dusty May, said Friday that “it’s well-documented how happy I am at Michigan.” May is in his second season leading the Wolverines.

In addition to helping Lloyd get a pay raise, the Carolina opening probably played a part in a new deal for Vanderbilt’s Mark Byington. Iowa State coach T.J. Otzelberger announced during the NCAA tournament that he’s staying put: “Any speculation with me and any other jobs or opportunities, is not true.” Florida’s Todd Golden, winner of the 2025 national title, is in discussions with administrators about amending his contract there to put him at or near the top of the market.

If North Carolina, of all places, ends up well down its wish list for a coach, it would underscore the belief in some corners that the days of blueblood domination could be expiring. Kentucky was turned down by Baylor’s Scott Drew in 2024 before hiring Mark Pope, and Indiana’s travails have been clear for years. (The fact that alum and state native May declined to get involved with Indiana last year says a lot.)

Duke hasn’t yet had to go outside the Mike Krzyzewski family tree, and it likely won’t for quite some time with 38-year-old Jon Scheyer at the helm. When that time comes—as it has for Carolina, departing from the Dean Smith legacy—we’ll see what kind of candidate pool it attracts.

In the current college landscape, almost every power-conference program has the potential to compete for national championships if it commits the money to its roster and its coaches. Of the 13 Final Four programs over the last four years, four were first-timers (Alabama, Florida Atlantic, San Diego State and Miami) and six were making their first appearances in at least eight years (Arizona, Illinois, Michigan, Florida, Purdue and NC State). Only UConn has been to multiple Final Fours in that span.

North Carolina figures to be back at a Final Four in the near future. Landing Donovan would certainly enhance the chance of that happening. If it gets past him, things could get dicey.

More March Madness From Sports Illustrated

Listen to SI’s college sports podcast, Others Receiving Votes, below or on Apple and Spotify. Watch the show on the SI College YouTube channel.