We certainly have a vastly lower probability of winning the division than does Michigan. I'd think that we are as well behind Michigan State --- though their chances are only slightly better than ours. The Huskers are thus an extreme longshot at winning the conference --- as they are unlikely (very unlikely) to even play for the title.
When national analysts that I have seen have addressed the B1G conference (I have seen 3 such assessments) --- the teams addressed were Michigan, Wisconsin and Michigan State --- with Ohio State twice mentioned as being championship caliber but not eligible. The Huskers were not mentioned at all. Not even a consideration. That pretty much sums it up.