I have been around some great rivalries in sports. And I have to say that the best College Football rivalry is Michigan and OSU. I have been to alot of the rivalry games that matter today. FSU/Miami, Alabama/Auburn, TENN/Florida, USC/UCLA (Back When it Mattered 1988), and three Michigan/OSU battles. I have not had the pleasure of OU/Texas but hope to get to next years game.
The only thing that is different about OSU/Michigan is that above every doorway at the Woody Hayes complex is a Plaque that says "BEAT MICHIGAN". Notre Dame has the most famous plaque, but the fact that the Hayes plaques are above EVERY DOOR in the place says how much this rivalry means to OSU. Plus, going to games at Michigan and at OSU is amazing. The pure hatred that is doled out to the opposing fans makes the Black Hole look tame in comparison.
Oh, and BTW I am a FSU fan. I like OSU and Hate Michigan but do not follow either team anymore. FSU/Miami is my favorite game of the year, unless Chris Rix is playing!