My take:
One of the important features of this game is that it is played at the end of the season. That has helped to make it as big as it is because it has frequently been for something. In the old days it was frequently for the Rose Bowl. For the third consecutive year, this year it is for a spot in the B1GCG and (barring major upset) a spot in the CFP.
Playing at the end of the year has an additional impact. Teams are not the same in late November as they are in early September.
A great example of this is the biggest upset in the history of this rivalry, Michigan's win over #1 defending NC Ohio State in 1969. The Buckeyes won the NC in 1968 with a team made up primarily of Sophomores. This was at a time when Freshman so most of Ohio State's team was playing their first year when they won the NC in 1968 and they all came back in 1969. They were #1 from the beginning of the season until the upset in Ann Arbor.
Michigan that year was not great. At the beginning of the season, Michigan wasn't even good. They lost a couple games and got more-or-less forgotten but they rounded into form and were a MUCH better team in late November than they had been a few months earlier.
If the 1969 tOSU/M game had been played in September Ohio State would not only have won, they'd have blown the Wolverines out. Similarly, if the 2004 tOSU/M game had been played in September Michigan would not only have won, they'd have blown the Buckeyes out.
Applied to this season:
I think that if this game had been played in September the Wolverines would have won easily. Looking back at Ohio State's September games, they weren't that impressive. In the last seven games I think that tOSU is comparable to Michigan:
UMD:
Purdue:
PSU:
RU:
MSU:
MN:
I think that Ohio State is a much better team now than they were a couple months ago. We'll see if they have improved enough.