According to ESPN's Football Power Index (FPI), neither Michigan nor Ohio State have the best chance at winning the Big Ten.
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No, Penn State doesn't have the best chance at winning the conference, either.
Instead, FPI lists Wisconsin as the team with the best shot at winning the conference. Even though they have losses on the season to Michigan and Ohio State, the Badgers are still sitting pretty and they control their own destiny in the Big Ten West.
That's in stark contrast to what is going on in the Big Ten's other division with Michigan, Ohio State, and Penn State, as neither of those three teams really have a clear shot just at getting to the conference title game. If Michigan wins out, then it's easy; they're in. However, since Ohio State is favored to beat Michigan right now, that throws a wrench into the whole program.
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If Ohio State does win that game, then it is very possible that they don't go to Indianapolis for the conference title game. Instead, Penn State could be sent in that scenario, assuming that they win out the remainder of their conference games.
There is a good chance that Wisconsin wouldn't be favored against any of those three teams right now on a neutral field, but they have the easiest chance just to get to the Big Ten Championship Game, so ESPN's algorithm is giving them the best odds to take the whole conference.
The chaotic part of the college football season has officially arrived.