If it is in fact Donovan (Again, don't really buy this a whole lot), then why not just call it with the Bulls? They are out of playoffs, there's no real reason to wait until after that 82nd game. There's no conflict like going from one college team to another. UNC could at least lock up the coach, even if he can't recruit just yet as the season finishes. But seems like both parties (again, IF the Bulls want to get rid of him) would be better served to just get the this underway
Which is why I think he's only interested in the UNC job if he can't land elsewhere in the NBA. I think if he wanted to go to UNC and deal with 60% roster turnover every year.. when he already didn't want to coach in college 10 years ago... he'd have taken the job by now. He's an NBA guy who wants to stay with the NBA. He could easily go to several other franchises either THIS off-season or certainly by next off-season. Now, if Bulls fire him, and then no other teams want him, I could see him potentially going to UNC. But I don't think that's what he wants. He could very well be the head coach of the Spurs or the Rockets or the Knicks or the Nuggets sooner than we think.
Also, to bring up another talking point I'm seeing: an NBA coach is a great job to have, and it's silly to think it's somehow beneath college coaching. Regardless of what you think of the NBA, it's a coaching job where you have an owner/president/GM to handle a lot of the tasks. There's no recruiting. NBA players can't just transfer at will. It's a job that once you have, it's easy to get another few chances at head coach. Roster continuity is much better. Pays about the same. It's the pinnacle of the sport.