Bill Connelly, of Football Outsiders and SB Nation, has put together preliminary 2012 season rankings of every team. They incorporate last year's ratings, how many starters are returning, and recruiting rankings to guess how other gaps will be filled.
The F+ rankings last year were pretty kind to Michigan overall, rating the team 12th overall. Because of a high number of projected returning starters (16), and a solid recruiting haul the last two years, that ranking is up to 8th.
Unfortunately, Alabama remains #1 with a button.
Other Michigan opponents:
Air Force: 112th
Notre Dame: 12th
Obviously this is all subject to change, and much too early, but an interesting first look at how things look from a purely statistical point of view.