You aren't seriously bringing up academics as a feather in Dean Smith's cap are you? Been following the news lately? All that crap started under him - and who knows what he might have getting away with before that.
To me, there are arguments for and against him as a coach. For long term consistent excellence, he's up there with the best. Maybe deserving of the top four. UNC was a top 10 team for the better part of 20 years. That's hard to do. For achieving what he should with the teams he had, his resume comes up a little short. I thought about Bobby Cox as a comparison - had the best team in baseball for a decade and won once - but that's selling him short since Cox gets little respect. Maybe Don Shula is better - did get to the winning circle twice (consecutively) but came up short for 12 years with Marino and is probably behind some combination of Lombardi, Noll, Belichick, Parcells, Landry and Walsh.
Smith's two titles are remembered more for what the other guys did (Brown to Worthy, Webber timeout) than what UNC did, fairly or unfairly. But that makes it hard to consider either of those wins a signature coaching achievement.