Ex-NBA champion Michael Malone inks massive $50 million deal to lead North Carolina, bringing championship pedigree to Chapel Hill.
On Monday, multiple reports surfaced that North Carolina was set to hire former NBA coach Michael Malone to replace Hubert Davis.
Malone turned down potential options to coach again in the NBA to come to Chapel Hill. He previously coached the Sacramento Kings and Denver Nuggets, winning the 2023 NBA Finals with the Nuggets.
It took a while for UNC to officially announce Malone as its next head coach, but that reveal came on Tuesday.
Per Brian Murphy of WRAL, the Tar Heels agreed to a six-year contract with Malone worth $50 million, paying him approximately $8.3 million per season.
In a statement, Malone called UNC one of the most historic programs in the country.
"Carolina is one of the most historic programs in college basketball, and I am honored to be the head coach of the Tar Heels," Malone said. "It is humbling to follow so many legends in Chapel Hill.
"I know from the many Tar Heels in the NBA how special the Carolina Basketball Family is, and I will do everything I can to continue UNC's championship legacy while preparing our players for professional careers and life after basketball... I am proud to be a Tar Heel and can't wait to get started."
Malone went 510-394 as a head coach in the NBA.
North Carolina athletic director Bubba Cunningham thinks Malone's success in the NBA will be a plus with players looking to help their careers.
"Michael has proven he knows how to build strong, successful teams that can consistently compete in the postseason and win championships – and he knows how to make everyone on the floor better," Cunningham said.
"He understands how to build rosters and coach NBA players – which is exactly what our Tar Heels want to be. We are excited to welcome Michael and his family to Chapel Hill."
UNC will be another high-stakes job for Malone. Despite winning a championship in 2023, Malone was fired in 2025 amid a four-game losing streak, despite the fact that the Nuggets were playoff-bound.
Malone will need to consistently compete deep in the NCAA Tournament to remain in good standing with the fan base.