How important are the undergraduate "programs" in college?

Programs at chapel hill such as the Moorehead scholars, honors program, etc…
First of all, they are extremely hard to get into. Secondly, there are probably other opportunities that I could have gotten accepted into, but since I didn’t make a decision to go to Chapel Hill until now, I didn’t really do any extensive searching and have missed most of the deadlines (the deadlines are in like, February, which I think is crazy). People say that it’s not what college you go to, it’s what you do during your years. I’m worried that, even though I did get into a pretty decent school, I am not going to be able to find opportunities because of the tough competition of other students. I am almost going to have to rely solely on my grades, not because I don’t plan on being involved, but because I can’t get accepted into anything. Is it a big deal that I am not in these big programs? Or, would it be just as great if I do my own thing, find some undergrad research to do, take internships, etc?
What I am thinking is that it’s like an Honor Society in high school…like it isn’t a complete dealbreaker, and there are other things that look just as good. But, maybe I’m wrong. What do you guys think? And is there anything else I can just join/do (such as undergrad research) that doesn’t have an application to which I can be denied?

By the way- I am majoring in pharmacology engineering (stems off of biomedical engineering) PLUS minoring in Spanish- which might already be a “full plate”.

Morehead-Cain is a undergraduate scholarship. There are plenty of other accomplishments/goals that you can pursue over your next four years. Of course, many do rely on academic excellence.

For example, apply for Honors Carolina membership as a first year or second year. Achieve deans list every semester. Get invited to join Phi Beta Kappa (the oldest and widely considered to be the nation’s most prestigious honor society). Write a senior honors thesis and graduate with honors or highest honors. Maintain a high cummulative GPA and graduate with distinction or highest distinction. Pursue a distinguished graduate scholarship. Seek a chancellor award, and lots, lots more possibilities … All of the above can happen AFTER you are at Carolina.

What you accomplish is entirely up to you. Set your goals now and start the journey.