In fairness to you, you didn’t ask whether Georgia was comparable to Michigan. You asked whether GA was becoming the Michigan of the south. Different question; different answer.
As to your OP, I think GA was becoming more competitive before the football team made strides. And, candidly, I’d like to think one has nothing to do with the other, and for a segment of the population, big time football is not a congruent concept with elite academics, as the football team typically is responsible for many of the least academically capable kids on campus.
Of the publics in the south, UNC and Virginia are in another class IMO. Outside of that, you have Florida and Georgia, and as between those, I’d go to the one I liked more, whereas if I got into UVa and either FL or GA, I’d go to UVa unless I really disliked it.
Edit: in the last sentence, you do appear to be asking if the gap between GA and Michigan has shrunk.