I attended UM from 91 to 95, so my undergrad was Desmond's Heisman, T-Wheatley, etc... nevertheless, speaking on behalf of the student body during that time period, I can confidently say that the Fab 5 was the biggest thing in A2.
This string of notes brings up many interesting thoughts on the Fab 5, many ways to look at the them. I won't comment on these perspective, other than saying I love all the national attention Jalen's documentary has resurrected.
One other thing -- although Jalen did not graduate from UM, I still consider him a Michigan Man. Jimmy & Ray stayed 4 years and graduated in 4 years. Juwan, who went pro as a junior, took correspondance courses his rookie year in the NBA and graduated in 4 years -- I heard he did this because he promised his grandmother he would. I remember all 4 vividly at Commencement in Michigan Stadium.