Obama picked the Tar Heels to win the title before the tournament.
"Thanks for salvaging my brackets and vindicating me front of the entire nation," President Obama said.
Injecting his humorous side, President Obama spent about 15 minutes complimenting the Tar Heels.
While campaigning last year, the President made a stop in Chapel Hill and played a pickup game with the team. The team presented Obama with a jersey and framed photo of that day in Chapel Hill on Monday.
North Carolina was the only one of his Final Four picks to make it to Detroit, but the Tar Heels' 89-72 win against Michigan State allowed him to finish in the top 20 percent of the 5 million-plus people who entered ESPN.com's pool.
The win was the fifth NCAA championship for the Tar Heels and the second in five seasons.
Last month, the UNC basketball team was also recognized for their national championship victory by Governor Bev Perdue and Chapel Hill.