COLUMBUS - With everything on the line, Michigan walked away from its biggest game of the year empty-handed.

But it might get a second chance.

On Saturday, the second-ranked Wolverines let their undefeated season, a Big Ten title and a guaranteed spot in the National Championship game slip away with a 42-39 loss to No. 1 Ohio State.

As of yesterday, only the 12-0 season and conference championship were out of reach.

If everything goes the Wolverines' way, they can still make it to Glendale, Ariz., to compete for a National Championship on Jan. 8.

Although Michigan would welcome the chance to play Ohio State again, the turn of events is likely little consolation.

Its dream season is still over.

For the third straight year, the Wolverines had to watch their bitter rival enjoy a victory in college football's greatest rivalry.

This time, the Buckeyes were also celebrating an undefeated regular season and a chance to win their second national title in five years.

As the scarlet-and-gray-clad crowd poured onto the field to celebrate Ohio State's win, Michigan players and coaches quietly made their way toward the locker room, many wiping tears from their eyes.

"It meant everything to us," tailback Mike Hart said. "We lost. That's the only thing. We didn't score enough points on offense. We lost."

Michigan's third straight loss to Ohio State capped off a tragic weekend for the program.

Saturday's game came just one day after legendary Michigan coach Bo Schembechler passed away at age 77. But just as the Wolverines refused to use his death as motivation, they wouldn't accept it as an excuse in the hard-fought loss.

"That's part of our lives, but certainly it had . nothing to do with what happened (Saturday)," Michigan coach Lloyd Carr said. "It was part of the weekend, but we lost to a better team."

In what was supposed to be an epic battle between Ohio State's explosive offense and Michigan's impenetrable defense, the Buckeyes unquestionably had the edge.

For the third straight season, Ohio State signal caller Troy Smith carved up the Wolverines' defense. The Heisman frontrunner all but locked up the award by amassing 316 yards and four touchdowns on 29-for-41 passing against one of the nation's top defenses. Smith also became the first Ohio State quarterback since the 1930s (William H. "Tippy" Dye) to beat the Wolverines three times.

Most pundits expected Smith to rack up yards against Michigan's secondary, easily the weakest part of its vaunted defense. But virtually no one foresaw the Buckeyes' running backs burning the Wolverines for 187 yards.

Ranked No. 1 in the nation against the run all season, Michigan had allowed just one team (Minnesota) to gain more than 100 yards on the ground in its first 11 games.

Ohio State amassed 108 of its rushing yards on two big plays up the middle, a 52-yard touchdown run from Chris Wells in the second quarter and a 56-yard touchdown run from Antonio Pittman in the third.

On both plays, the out-of-position Wolverines missed tackles that sprung the Buckeye tailbacks loose.

"We just had mistakes," senior co-captain LaMarr Woodley said. "Just as far as the defense, too many mistakes. When you have mistakes, the other team capitalizes on them. You give up big plays and stupid penalties, (and) it allows the team to continue their drive."

The costliest of Michigan's five penalties was linebacker Shawn Crable's helmet-to-helmet hit on Smith with six minutes left in the game.

Down 35-31, the Wolverines looked as if they had stopped Ohio State's drive until Crable was whistled for roughing the passer. That penalty turned a possible fourth-and-15 into a first-and-10 at the Michigan 23-yard line.

Three plays later, Smith threw his fourth touchdown pass to give Ohio State an 11-point lead with five minutes to go.

But that penalty wouldn't have been as critical if Michigan had been able to slow down the Buckeyes in the first half.

From Ohio State's opening drive (which included four third-down conversions) to its final possession of the frame (a surgical 80-yard drive that gave it a 28-14 halftime lead) the Wolverines couldn't contain the Buckeyes' offensive attack.

And it cost them dearly in the end. Michigan's 14-point halftime deficit turned out to be too much for it to overcome.

"We gave up too many big plays," Carr said. "Any time you give up two long runs and a long pass, it's going to be hard to beat anybody, much less a team like we played (Saturday). Big plays simply were the biggest factor in the game."

To a certain extent, that cut both ways. Michigan's offense put together its share of big plays, too. The Wolverines looked unstoppable on their opening drive, which included a pair of 20-plus yard catches by receiver Mario Manningham, who finished the day with six receptions for 86 yards.