The undefeated Wolverines rank first in several offensive and defensive categories heading into the matchup.
Penn State and Michigan will face off as ranked opponents for the 15th time Saturday.
The Nittany Lions ranking comes following their 51-15 stomping of Maryland and ahead of Michigan.
Lee was one of Linebacker U's most notable members, while Caldwell served with Penn State for several decades.
The game also has an over-under set at 44.5 points.
The game will be televised on either FOX or FS1.