Agreed on all fronts.
Michigan could have a 1-11 season, beat Ohio State, and be at the bar on the Monday after and say "I don't guys, it wasn't all bad."
They could still finish 8-5 too. I would expect they go to the ReliaQuest Bowl against a mediocre SEC team or Mayo Bowl against a mediocre ACC team. Playing against a Syracuse, East Carolina, Florida, or Texas A&M are all possible wins.