I loathe both schools, for the record.
As for this discussion, that game is set in stone. Neither school has ever given a hint of moving out of that time slot. And with Fox pushing the noon slot even more, the only thing about The Game that has changed in 50 years in the network showing it. Would the ratings be huge for a primetime game? Absolutely. But even a quick google says the ratings are high, regardless of the time slot:
OSU-Michigan Top Game of Season
For so much change in CFB in the past 10-15 years, this is one of the few that shows no sign of doing anything different.
Only cable stations should be showing games at noon. And despite that, UM-OSU will never go to cable.
Here's why noon (and late night games) should be exclusive to cable networks.
Most cable channels, especially those dedicated to sports, have only one feed that is based on Eastern Time Zone scheduling. So a game on ESPN at noon ET airs at 9 AM PT.
Broadcast networks have three feeds for the lower 48 states - one for Eastern/Central, one for Mountain (ET/CT delayed an hour), and one for Pacific (ET/CT delayed three hours, also shown at the same relative time in Alaska, but 8 PM PT is 7 PM Alaska).
When Fox airs games at noon ET, it forces their affiliates in the West to delay Xploration Station to another timeslot that weekend, or air it on a digital subchannel.
Prior to 2006, most games that aired at noon ET/11 AM CT on ABC aired only in those time zones. This is because airing the games in the West would have interfered with the (usually) network-mandated broadcasts of ABC's children's lineup, in those days Saturday mornings, currently programmed by syndicators who make deals with affiliate groups, were programmed by the networks themselves (except for when Fox leased their Saturday mornings to 4Kids Entertainment from 2002-08).
For example, on September 9, 1995, ABC aired three games regionally at noon: Texas Tech at Penn State, Nebraska at Michigan State (now a Big Ten matchup), and Florida State at Clemson. ABC only permitted its ET/CT affiliates to air one of these games, which would serve as a lead-in to Notre Dame at Purdue at 3:30 PM. MT/PT stations had to show the Saturday morning cartoons, which would be over by 12:30 PM PT and the start of the ND-Purdue game. After ND-Purdue concluded, viewers in the West got to see a game between BYU and UCLA.
Notably, the 1995-96 Saturday morning line-up for ABC included the last ever Hanna-Barbera show to premiere on network television, a sequel series to the 1994 movie Dumb and Dumber. Turner Broadcasting, H-B's owner at the time, was looking to turn the studio into the production arm of its Cartoon Network cable channel, launched only three years before. It was also the last season before ABC was bought by Disney, who began producing more Saturday morning cartoons for ABC under the One Saturday Morning brand.
So, if UM and OSU really want their game at noon, they would either have to sign off on the game airing on the cable channel Fox Sports 1, or permitting live telecast only in the Eastern and Central Time Zones. A different game would air late afternoon Western US time (after the game Fox airs nationally in the late afternoon Eastern US time), while in the East, Fox would air in primetime repeats of their regular series. And I don't think either solution will make all parties involved happy.
So, I think broadcast networks need to limit their college football broadcasts to where games are only airing in PM time at the same time in the entire lower 48 states.
Over time, UM and OSU would love the fact that their game is being played at night. Their fans would love it too.
While it would force those with only antennas for TV watching to wait until like 3:30 PM to watch a college football game on a Saturday afternoon, the elimination of noon games on broadcast networks could prove beneficial to the affiliates of the major networks.