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Including 1997 (I was counting Nebraska, but yeah Michigan went undefeated and won the Rose Bowl), Michigan has 11 claimed National Championships but only 1 after 1948.
No doubt.
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They've been obviously surpassed by Alabama, Notre Dame, USC, Texas, and Ohio State but also less obvious schools like Auburn, Florida, LSU, Penn State, and Florida State
The schools I bolded are blue bloods, so no shame in being surpassed by them. The others are traditionally top 15 teams, not sure is they've surpassed them but no complaint here.