TCU scored the game's first points on a pick-six and led 14–0 at the conclusion of the first quarter following a rushing touchdown by quarterback Max Duggan.
Michigan's first points came by way of a 42-yard field goal by placekicker Jake Moody; he made another from 59 yards to end the first half though a TCU touchdown by Taye Barber five minutes earlier gave the Horned Frogs a 21–6 advantage at halftime.
Michigan scored a touchdown forty-seven seconds into the fourth quarter and made the two-point conversion, which narrowed their deficit to three points.
[16] That record put them atop the Big 12 and into the conference championship game, where they fell to Kansas State in an upset that knocked them to 12–1.
[20] Jim Harbaugh's Michigan team finished the regular season with a perfect 12–0 record and went 9–0 in Big Ten Conference matchups, including a second-straight victory against Ohio State.
[14] The Michigan rushing offense was cited by analysts as a strong point, even after the Wolverines lost running back Blake Corum during their regular season game against Illinois.
[21] The Fiesta Bowl was televised by ESPN, with a commentary team of Sean McDonough on play-by-play, Todd Blackledge providing analysis, and Molly McGrath and Tiffany Blackmon on the Michigan and TCU sidelines, respectively.
[26] The hometown radio broadcasts from each team was shown on the ESPN app as well; TCU's radio broadcast featured commentators Brian Estridge, John Denton, and Landry Burdine,[27] while Michigan's featured a call from Doug Karsch, Jon Jansen, and Jason Avant.
[14] ESPN Deportes carried the Spanish-language broadcast, featuring Ciro Procuna, Ramiro Pruneda, and Carlos Nava.
[26] The game's officiating crew, representing the Southeastern Conference, was led by referee Jason Autrey and umpire Brent Sowell.
[29] The pregame coin toss was won by TCU, who deferred their choice to the second half, thereby giving Michigan possession of the ball to begin the game.
The Horned Frogs went three-and-out but scored the game's first points when Bud Clark intercepted a McCarthy pass on the first play of Michigan's ensuing drive and returned it 41 yards for a touchdown.
The ensuing kickoff went out for a touchback, and the Wolverines offense recovered from a loss of 5 yards on their first play with a 32-yard pass from J. J. McCarthy to Luke Schoonmaker to enter TCU territory.
After the teams traded punts, TCU extended their lead to 18 points with a touchdown pass from Duggan to Taye Barber.
After a pass interference penalty called against Tre Tomlinson moved the ball to the TCU 41-yard line, Jake Moody made a 59-yard field goal as time expired to narrow Michigan's deficit to 15 points going into halftime.
TCU further extended their lead, back to an 18-point margin, following an interception return for a touchdown by Dee Winters, though the two-point conversion was unsuccessful.
TCU punted on their final full drive; Michigan, trailing by six points, failed to advance past their own 25-yard line and turned the ball over on downs.
With the win, TCU advanced to the 2023 College Football Playoff National Championship, where they met Sugar Bowl champions Georgia.
TCU wide receiver Quentin Johnston and linebacker Dee Winters were named the game's offensive and defensive most valuable players.