Well, the Ohio State University
gave their players rings for their 12-0 season, which sort of makes sense. The Buckeyes were allowed to play those games, and they won them. Players have no control over what happens beyond their play on the field (and their actions off the field). NCAA violations are as out of reach to them as strength of schedule.
But wait! Those rings also say "Champions"; that word means, or at least strongly suggests, recognition by a third party. The Big Ten allowed Wisconsin to represent the Leaders Division in their football championship, which is pretty good evidence that they did not recognize Ohio State as the champions of anything. Declaring oneself a champion does not work.
By comparison, UNC's rings are just dopey. Take away the silly self-coronation -- the ACC did not recognize them as Coastal Division champions -- and you're left with rings that just say "8-4". Is it worth it to the athletic department to manufacture those rings? Is morale really that low?
I hope Duke (and State) fans react to this to amusement rather than outrage. After all, UNC players have been specifically told that because no one else recognizes the championship, these rings only give them magical powers when they're on campus.