So, now that we've had a couple months to reflect and digest a mixed bag of a season (championship game appearance, undefeated in conference, Big Ten champs, huge win over Clemson but no Game and an embarrassing loss to Bama and a lot of regrettable cancellations), I think maybe we know enough to make some reasonable hypotheticals about how The Game would have unfolded if Michigan had been able to field a team (read: not chickened out).
Personally, I think this game would have been a little closer than we all would have assumed back in December before it got cancelled. That's not to say Michigan would have had a chance of winning--this is the only iteration of The Game in living memory where I'm 100% certain we were going to win. Rather, my thinking is that with our secondary being as faulty as it was, I think Michigan probably would have kept the game interesting for at least the first quarter and a half. In the end though, Michigan's defense would have had no answer for Justin Fields and the passing attack, and there's nothing to say Michigan wouldn't have seen the advent of Sermon-mania (Sermania, if you will) one week earlier than it ended up arriving.
I'm thinking it would have ended up something like 62-31, with a halftime score of 35-17.