Speight should transfer, either by his own realization or by the coaches telling him his best college football is at another school. Let him know there's room at Central Michigan where a recent Michigan transfer happened to make the best of it. Speight should've never been brought onto the roster; the story as I've heard it is that Hoke and another assistant flew down to Richmond VA, sat through one of Speight's practices, noted about 8 or 9 of his passes, and offered his a scholarship on the spot. Meanwhile, no one else of significance bothered recruiting Speight, which should've been the giveaway. Time to move on from Speight.
Peters has looked like the real deal at times but I think it's worth bringing in another transfer (that might not be eligible until 2019 anyway). I've heard one of Harbaugh's big recruiting targets, Eason from Georgia, is leaving. He's certainly more promising than O'Korn's play this season.
Beyond QB, it's time to win the big games, starting by simply beating the winning teams. Michigan's wins, in order, are against teams with records of 4-7, 4-8, 5-7, 6-6, 5-7, 4-8, 5-7, & 4-8.
Meanwhile losses are against teams with records of 9-3, 10-2, 12-0, & 10-2. Granted opponent's records are what the schedule gave them, but there's still not much to show for this year. Looking at next season's schedule five opponents are given winners - 9/1 Notre Dame, 10/13 Wisconsin, 10/20 Mich St, 11/3 Penn St, and 11/24 Ohio St. Got to go 3-1 or better Vs the Big Ten opponents.
Save for the QB position working itself out, I'm not worried about the roster. It's the on-field follow through and finishing games for which there was a glaring lack of in these last two games.