I'll drop some pessimism in the chat.
Michigan fans are a lot of things, but patient isn't one of them. I'm worried for the kid, if he does indeed start as a true freshman, when he has a really bad game. The jump from high school football, even a powerhouse like Belleville, to D1 college B1G football, is immense. The players are way bigger, way faster, way stronger, and way smarter. The expectations are unfathomable to a 17-year-old, especially when you're getting that kind of fat check. And right now, there won't be a lot of talent around him.
He went 11/23 for 188 yards, 1 TD, and 2 INTs in his last game at Belleville. If he does that against Oklahoma in September, a lot of crazies who went and recruited him at his first round playoff game are going to (unjustifiably) lose their minds. He's going to need a resiliency and mental focus that cannot be taught.
I also feel for Jadyn Davis, who was told all year "we aren't going to use you even though we could use you, because we need you next year!" only to have the rug yanked out from under him. The best thing for the program would be for Davis and Underwood to be treated like Ewers and Manning, or even McNamara and McCarthy... But I doubt they get that kind of organizational patience after dropping eight figures on a 17-year-old.
It's a good thing for the Michigan football program, don't get me wrong. It means they've entered the Brave New World of college football, for better or worse. This is nothing short of an absolute statement that they're prepared to go punch for punch with Ohio State and the SEC in a way they never have before. Gone are the days of Brady Hoke's 3*s going up against the Ohio State machine.
But I don't think this is "Jim Harbaugh is coming to Michigan" news that destines the program for National Championship contention. Notre Dame, Oklahoma, USC, Miami, Nebraska, and Texas A&M are all schools who will write blank checks for their own Bryce Underwood, get top ten ratings on the recruitment sites, get a meaningless preseason top ten ranking, and routinely fall flat on their face en route to an 8-4 season, or worse. They've all been in the depths of college football purgatory for a long time. You've got to develop these high school phenoms, and you've got to assemble a team, not just individually really talented puzzle pieces.