Yes he will, and with Ohio State landing Meyer and having two great seasons in a row, they had to step up to the plate or the Alumni would have had the OC's head on a stick. I agree completely that the money in college athletics is way out of control, and it has been for a long time now. Regardless, until it changes, Mich. would have payed whatever they had to to get him.
I think Harbough is a damn good coach, but he has a lot of work to do at Meeechigan. As good as Saban is he sucked at Miami. Remember Pete Carol sucking with the Jets and New England? I think it's the best hire they could have made, but that doesn't come close to guaranteeing success. I think in time he'll do well, but I wouldn't bet the house on it.