I'm really not sure what to think about what probably went on with McCants during his time in Chapel Hill. I was an obsessive about Carolina basketball at the time (I lived in Chapel Hill from 1997-2004, took graduate classes there, my wife got a degree there) and McCants was absolutely considered an oddball both around the team and on campus. He flirted with leaving for the NBA after his sophomore year and the reaction was mixed between thinking it would be a career-killing Joe Forte move and that it would be addition by subtraction. So I'm inclined to think this is more rantings of a crazy person.
However, as someone who loves UNC as an institution, I'm disgusted with what's come out over the past few years. Letting athletes off with easy classes and majors happens everywhere; just check and see how many Duke basketball players "major" in sociology. But the academic fraud perpetrated at UNC has hurt the university at its core. And what he's alleging is right in line with what was documented with other athletes in the years immediately following McCants's time there. So in my frustration and anger at what happened, I'm also inclined to believe this was happening. Jackie Manuel majored in AFAM, which seemed oddly and impressively academically inclined for a basketball player at the time. Ever since the scandal broke, I've assumed chose AFAM because it was a way to avoid classes, and his time at Carolina matched McCants's.
But bringing it back to McCants, if there were one player from Roy Williams's entire tenure who I'd think were psychologically off enough to research the scandal and concoct a story to bring attention to himself, it'd be McCants. I'd also think he'd be one of the few players to break ranks and come clean, because he seems to think he was mistreated in Chapel Hill.
On balance, I suspect his allegations are largely accurate, though he may be exaggerating certain things because that's what Rashad McCants does. Even if exaggerated, if someone took the time to investigate--which, given the number of years it's been since the events, I doubt will happen--there's probably enough to damn the title team. Which is strangely ironic, since I remember before that season, I thought Rashad's erratic behavior would kick their national championship hopes. I just didn't think it'd take nine years.