According to this website, which leads back to this Operation Sports forum post, 2K Sports has acquired the licensing rights for 10 colleges including Michigan. The other 9 are listed in the two linked posts.
While there is no official word as to why 2K has the rights to these 10 schools, the prevailing thought is that they will be featured in the next version of NBA 2K, specifically in the MyPlayer mode.
The MyPlayer mode for the NBA 2K games is one of the most succesful and popular game modes out right now. 2K has been tinkering with it and changing every year for a while. The thought for next year is that when you create your MyPlayer, you will get to choose one of those 10 teams to play on to help pump up your draft stock, similar to playing as a high schooler in the newer NCAA Football games.
If this is true and ends up actually happening, I'd be very excited. I think it would be a cool new adition to an already fun game, and having Michigan being one of the 10 featured teams would be even better.