Absolutely, Michigan made too many mistakes on offense (3 costly turnovers).
But you can't analyze this game without talking about the lousy hometown-biased officiating. That's traditionally more common with basketball than football, BTW.
Despite its own errors, Michigan actually won this game by stopping the OSU on downs in the second OT. No way that the OSU QB running got to the 15 yard line. The furthest advance of the ball on that play was when it touched the big OSU blocker's fanny when that blocker's feet were completely behind the 15 yard line and the blocker was still in an upright position. His rear end could not have been ahead of his feet! After that contact with his own man, the ball in the QB's right hand was not going forward any more, because a second Michigan tackler drove the QB's right arm back.
I don't know what game that official who spotted the ball incorrectly was watching, but in my book, Michigan won that game, despite its mistakes and despite the officials' missing of an obvious pass interference call against OSU which forced Michigan to kick a FG on their possession in the 2nd OT.
Nothing wrong with a game like this ending in tie, which is what it should have been and, twenty years ago, would have been. I was never a fan of the overtime rule in regular season college football, and one of the reasons, that this game demonstrates, is that a single bad officials' call in OT can snatch victory from defeat or defeat from victory.
OSU was outplayed, UM was the far better team, and anyone who was not an OSU fan saw that. If not for the officiating, they never go to overtime. If not for the officiating, Michigan would have had a first down inside the OSU ten in ot # 2; on the OSU possession, if not for the officiating, they go to overtime # 3.