The university has been in the national spotlight since the NCAA announced in the summer of 2010 that it was conducting an investigation of the school's football program.
With allegations like plagiarism, tutors who violated rules, and faculty who failed to provide oversight, UNC has been trying to clean up the mess.
The chancellor said he wanted to make it clear that they will continue to work with the NCAA through the investigation, while fully supporting the football program.
"Both [UNC Board of Trustees Chair Wade Hargrove] and I just stated our strong support for Carolina football and our interest in making sure that everything goes smoothly moving forward as we work with the NCAA and as we work through the various steps that we've laid out for the future," Thorp said Thursday.
UNC recently announced self-imposed sanctions - vacating wins from 2008-2009, dropping several scholarships, and paying a fine.
"We think it's going well and we think, we're really committed to the success of our football program financially, on the field and academically and the success of our students athletes," Thorp said.
Football aside, Chancellor Thorp also said he was very concerned about the possibility of a tuition hike for students.
"We're cutting finance in administration by 30 percent," he said. "We don't feel we can operate the university if we have to cut that much more."