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DeAndre Kane put the Cyclones up by two with 1.6 seconds left. On UNC's next possession, there were two clock issues that, after a lengthy review, cancelled each other out.
First, the clock didn't start when UNC's Nate Britt caught the ball on the inbounds pass. Then, when Britt called timeout near midcourt, the clock kept running for a few tenths of a second after the referee blew his whistle.
After a review, the referees decided that the 1.6 seconds would have expired if the clock had started on time, so they declared the game over.
Deadspin's Timothy Burke, who has a world-class video editing set-up, confirmed this assessment. He said on Twitter that 1.73 seconds elapsed between the time Britt caught the ball and the time the referee blew his whistle.
Notice the clock when Britt catches the ball:
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It's still at 1.6 two dribbles later:
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It looks like the right call:
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The full sequence: