On April 1, 2002, Williams led the Terrapins to their first NCAA National Championship, defeating Indiana 64–52. Williams was the first coach to win a national championship without a single McDonald's All American on the roster since its inception. He became the first coach to direct his alma mater to a national title since Norm Sloan accomplished the feat with North Carolina State in 1974. The 2002 team also won a school-record 32 games, as well as the school's first outright ACC title in 22 years—only the third time since 1981 that a team from North Carolina hadn't won at least a share of the title.

This full size 2002 National Champions white panel basketball was signed in black by Williams and inscribed, "Go Terps." This basketball includes a Great Moments COA.