UNC's ranking among the nation's public colleges fell by two, making it the 5th best public university nationwide.
The annual report, which will hit newsstands Monday, is a popular guide for prospective college students. But many college administrators publicly have discounted the rankings' importance.
Last year, the University was ranked 25th nationwide and 3rd among public schools -- topped only by the University of California-Berkeley and the University of Virginia.
UNC tied with the University of Michigan-Ann Arbor and University of California-Los Angeles.
This year, UNC was behind all four universities in the public school rankings.
UNC also fared poorly in the nationwide rankings compared to what administrators have dubbed its "peer schools."
While UNC fell three spots, the national rankings of UC-Berkeley and UM-Ann Arbor are unchanged from last year. UVa. and UCLA both fell by only one spot.
All four schools now rank between two and eight spots ahead of UNC in the nationwide rankings -- unlike past years when the five major public universities were grouped closer together.
Provost Robert Shelton said the gap between UNC and the other top public schools reflected changes at private schools, adding that UNC's scores in individual categories were more important than its overall ranking.