<p>DTdad - Best of luck to you and your son. My son was in a similar situation two years ago - waitlisted at one of top publics (similar to UNC) and then rejected at one of the lower ivies. He is now going to his state flagship (PSU) and is very happy. He chose it over a number of good privates.
Similar schools really, although your football (and of course basketball) teams are better. 
BTW, I found this board to be very helpful too. And I’m still on it after a few years!</p>