After coming in this week being ranked as the No. 1 team in the country, the UNC Tar Heels suffered a shocking, 70-65, loss on Friday to the Iowa State Cyclones in the semifinals of the Phil Knight Invitational. After the game, UNC graduate student Pete Nance exclaimed that the Tar Heels can't get too down about the loss as per Andy Katz of NCAA.com.

“We're not really hanging our heads too low, we've got a lot of basketball ahead of us,” Nance said. “There's a lot we can learn from that game and a lot we can grow from. We're just excited for the next one.”

Pete Nance is in his first season at UNC as a graduate student after spending the last four seasons at Northwestern University. He's started all five games this season for the Tar Heels and he's been averaging 14 points per game and 4.0 rebounds while shooting 56.4 percent from the field and 47.4 percent from three-point range. Against the Cyclones, Nance finished with seven points, seven rebounds and three assists.

The win is only the third time that Iowa State has beaten an opponent that was ranked No.1 in the AP Top 25 poll.

Although UNC was unbeaten to this point, they had been struggling to put teams away in the season's early goings. Just the day before the were caught in a close game against the University of Portland before pulling away late in the second half. A couple of games before that they struggled against Gardner Webb, allowing the Bulldogs to erase a 16 point deficit.

But as Nance said, there is still a lot of basketball left to be played and UNC is still poised to make a deep NCAA tournament run.