I think there's an incredible gap between averaging top 3 classes vs. what Michigan has been doing. Per 247 I think 22-24 Michigan was 9th, 17th, and 8th. Comparing that to Alabama and Georgia, and you'd think the difference between Alabama and Michigan would be similar to the difference between Michigan and say a team consistently in the 15-30 range.
If you look at the actual player and class ratings, you see that the difference at the very top to even teams around that 8-15 range is huge. It gets a little hard to quantify because they show the per player avg but rank by total score. However, for example if you look at the player and class points/ratings for the 2023 class, the difference between Alabama and Michigan is in the same range as the difference between Michigan and bad ACC teams or even Sun Belt teams.
2022 and 2024 the differences are less pronounced, but still very large. The talent is incredibly concentrated at the very top.
So I think we can and just saw a season where Michigan was not as talented as Ohio State, but beat them and won the conference. Likewise, Ohio State was not as talented as Georgia across the board, but was able to be competitive. But you aggregate those two talent gaps, and the odds of Michigan being competitive with Georgia aren't very good, and the Michigan/TCU and TCU/Georgia games were pretty indicative.
So, I still think realistically right now Alabama and Georgia are on a different level talent-wise, and Ohio State is close enough that they can compete with some level of consistency. I think Michigan is more like those Riley Oklahoma teams. they were clearly good, very good talent, but a big enough consistent gap in incoming talent that it would take a pretty ideal case for them to beat Alabama or Georgia.