An earlier comment had made the point that Davis' numbers were down because Bacot no longer provided gravity, and my point about the rest of the team's 3FG% was to show that Bacot not being here wasn't affecting the rest of the team, so the previous comment, and yours, that it was affecting Davis to such a large degree doesn't seem valid.
Carolina is actually shooting 3FGAs a bit more often this season than last, so there really isn't anything to "even out". You "reasonably expect" the team 3FG% to drop, but I "reasonably expect" that it could go UP, as the average defensive rating of the Heels' schedule so far is ranked 6th, and the defenses that Carolina will face the rest of the season should not be that stout.
Carolina has an aOE of 118.6 and last season was 119.7. This season is down 1.1 pts/100 possessions. Davis is using 26.4% of Carolina's possessions, is on the court for 85% of Carolina's minutes, and Carolina is averaging 76 possessions/game, so Davis is averaging about 64.6 poss/game. Last season Davis made 4.9 3FG/100 possessions, and this season it's 3.1 3FG/100. This difference of 1.8 3FGs/100 is a difference of 5.4 points/100, which should more than explain the team's 1.1/100 drop. That's about 3.5 points fewer, just from 3FGs, from Davis while he's in games this season.
I'm not saying the 5 losses are Davis' fault. I'm just pointing out the team's record is less of a team offense/coaching problem than others want us to believe. The rest of the team is performing, on average, at or above last season's efficiency. If Davis' efficiency were near last season's numbers, Carolina's record would likely look significantly different than it does and not nearly as many people would be complaining as loudly about CHD.