No, it's quite directly the opposite. But that analogy is outdated at this point. Duke has produced a butt load of NBA players lately and their "only good at the college level" rep is pretty much gone. Traditionally North Carolina was blue-chip prospect finishing school and Duke was good for NBA flame-outs like Christian Laettner. At this point they're both about equal in terms of ability to bring guys to the next level.
UNC went through some lean years after Smith retired and then long time assistant then head coach Bill Guthridge retired too. Matt Doherty did a poor job with the program but Roy Williams has brought it back as strong as ever.
Edit: rewrote it to explain a little better.



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