Comparing Michigan's future P5 OOC teams scheduled from '17-'23 to each opponent's OOC scheduling.
Mich - ('17-Fla (neutral), '18 & '19-Ark, '20 & '21 - Va Tech, '22 & '23 - UCLA ...
Fla - '17-Mich, FSU '18-FSU, '19-Miami, FSU (no others)
Ark - '17-TCU, '18 & '19 - Mich (no others)
Va Tech - '17-W.Va, '18-ND, '19-ND, '20-Mich, '21-Mich,ND, '22-W.Va. '23-Purdue, Rutgers
UCLA - '17-A&M, '18 & '19 - Okla, '20-Rutgers, '21-Rutgers, Purdue, '22 & '23 - Michigan
As for the framework of scheduling, UCLA is most similar to Michigan with nine conference games and no FCS games. They have schedule two P5 teams in one year ('21).
Fla, Ark, and Va Tech have four non-conference games. Fla plays 2 P5s in '17 & '19.
Ark and Va Tech are most like Michigan. While both have their FCS games, the other three OOC games are generally one P5 and two G5s - except VaTech has Michigan and ND in '21.
Bottom line - Only Arkansas of Michigan's OOC opponents schedules one P5 annually through current schedules to '23, though Arkansas has only scheduled through '19. Yet it's also true most years, except for Florida, the other three schedule one P5 annually.
But...
Michigan AD “open” to scheduling Notre Dame in football They'll undoubtedly want September games if this isn't PR, which I think it is.