Inside the Article:
According to a report on ESPN, Michigan‘s road matchup against Texas which was initially slated for 2024 has been postponed. Texas will now visit Michigan in 2024 in Ann Arbor and the Wolverines will return the favor in Austin in 2027. To facilitate Texas and Oklahoma‘s early departure from the Big 12 to the SEC, Michigan has reportedly agreed to switch a previously planned two-game series with the Longhorns. This change involves Texas making a trip to Ann Arbor ahead of schedule. The move was made official on Thursday night with a substantial exit fee paid to the Big 12.
“A key part of the deal to let the two schools out early was a game flip of a nonconference matchup between Michigan and Texas,” Pete Thamel reported Thursday night. “The flip was a key driver in Fox agreeing to the deal.”

Michigan Football's 2024 Schedule
Here is what we know about the Wolverines 2024 schedule as of now. As you can see below, their three non-conference opponents are Fresno State, Texas, and Arkansas State.
Why it Matters
As it stands, the way the Wolverines roster is set up, they are expected to lose a plethora of starters following the 2023 season, and it is beneficial to them that they will get to play the Longhorns at home in 2024, rather than on the road.