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Michigan's basketball program may be getting some excellent news on Thursday afternoon.

Freshmen Glenn Robinson III and Mitch McGary will reportedly announce they are returning to school, halting the exodus of Wolverines to the NBA—Trey Burke and Tim Hardaway Jr. already announced they would be turning pro.

UPDATE: Thursday, April 18, at 4:40 p.m. ET by Sam Westmoreland

Michigan fans can breathe easy once again; after a moment of panic courtesy of Mitch McGary, both he and Glenn Robinson confirmed that they will be returning to school next season, per Stephen Nesbitt of ESPNU:

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UPDATE: Thursday, April 18, at 2:55 p.m. ET by Timothy Rapp

Hold your horses, everyone—Mitch McGary isn't about to verify the reports out there that he'll be returning to school until he makes the announcement himself:

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From Jeff Goodman of CBS:

Michigan freshmen Mitch McGary and Glenn Robinson III will return to school, sources told CBSSports.com. The pair will make an official announcement Thursday at 4:30 p.m. ET.

Both players were excellent for Michigan in their freshman campaigns.

Robinson averaged 11.0 points and 5.4 rebounds per game for the Wolverines this season, while McGary exploded late in the season and was the breakout performer of the NCAA tournament, averaging 14.3 points and 10.7 rebounds in six tourney games.

Each would have had viable reasons for turning pro. Robinson would be a clear first-rounder and probably would have slipped into the end of the lottery, while McGary's stock may never be higher after his epic run in the NCAA tournament.

Chad Ford of ESPN Insider had Robinson 13th on his big board and McGary slotted next. Depending on how the board played out, either player could have snuck into the top 10.

But both players could definitely use another season to polish their game. Robinson needs to become more consistent, while McGary needs to prove his late-season fireworks can be sustained over a full season.

Michigan should be very dangerous next season. Sharpshooter Nik Stauskas will return, and Michigan's recruiting class is highlighted by Zak Irvin, Derrick Walton and Mark Donnal. Burke and Hardaway will surely be missed, but Michigan should once again be one of the Big Ten's best teams.