Guess the question is, though, do latter season games outweigh early season games? Part of Mich's point jump may also be due to a lower game total as well.
In terms of a team's overall body of work, no. To get a better idea of how well a team has played recently, a good measure is the Sagarin ELO-based model, which has a separate weighting for recent play:
http://sagarin.com/sports/cbsend.htm
The top 25 based on Sagarin recent play weighting:
1. Gonzaga
2. Illinois
3. Baylor
4. Iowa
5. Michigan
6. Arkansas
7. Kansas
8. Purdue
9. Alabama
10. West Virginia
11. Houston
12. Connecticut
13. Georgia Tech
14. BYU
15. Ohio State
16. San Diego State
17. Maryland
18. Colorado
19. Oklahoma State
20. Florida State
21. Loyola-IL
22. Michigan State
23. Oregon
24. Colgate
25. Memphis
Not appearing: Villanova (26th), Virginia (47th), Wisconsin (40th), Creighton (43rd), Tennessee (73rd), Texas (33rd), Texas Tech (28th), USC (53rd)
Now, granted, Colgate is weird and mostly due to the odd scenario where neither they nor anyone they played has played anyone outside their conference, so there is no connected comparative data, which kinda breaks ELO because Colgate has dominated their bubble of opponents (and is 59th overall), but this is a pretty reasonable assessment of how good teams have been over the past 2-3 weeks.