I'm going to say that this game is not as big as the classics in the 60s and 70s.
An outright Big Ten Championship, a National Title shot, maybe even the Heisman all hang in the balance pending the outcome of this Saturdays game, sure, but in this rivalry, that actually happens quite often. The ONLY thing about this specific upcoming game that is unique is that the teams are ranked #1 vs #2, which is just a roundabout way of saying a lot of other teams are experiencing down years, not getting the bounces, the calls, or whatever.
Blah.
During the 10 Year War the Rose Bowl wasn't a consolation prize. Lose the game: You don't go to a bowl. Period. Turn in your uniforms tomorrow, we'll see you next Spring.
The games meant a LOT more back then than they do today.
In fact, you could illustrate the point by noting that it will be possible for the loser of this game to still win a share of the national title, for those who recognize the significance and history of the AP Poll, BCS or no BCS. Hypothetically, let's say
OSU beats UM narrowly, then goes on to lose the title game against Notre Dame, while UM drills USC in the Rose Bowl. With UM holding a decisive head-to-head win over ND, don't you think the AP voters will vote Michigan #1, and not Notre Dame?