1:36 PM PT -- Univ. of Michigan officials just ripped the conference's ruling in a scathing statement ... writing, in part, "We are dismayed at the Commissioner's rush to judgment when there is an ongoing NCAA investigation -- one of in which we are fully cooperating."

"By taking this action at this hour," they added, "the Commissioner is personally inserting himself onto the sidelines and altering the level playing field that he is claiming to preserve. And, doing so on Veteran's Day -- a court holiday -- to try to thwart the University from seeking immediate judicial relief is hardly a profile in impartiality. To ensure fairness in the process, we intend to seek a court order, together with Coach Harbaugh, preventing this disciplinary action from taking effect."

The Big Ten has just suspended Jim Harbaugh for the rest of the regular season ... after it says the Michigan football team was involved in an intricate sign-stealing scheme that violated rules.

The conference announced Harbaugh will still be allowed to coach his team during weekdays while serving his suspension ... but on the Wolverines' three remaining gamedays this year, he must not be present.

Of course, it's a big deal for UM, considering two of those three contests are against No. 10 Penn State and No. 1 Ohio State.

Michigan, however, is reportedly expected to seek legal action now that could allow Harbaugh to still be able to coach his team during Saturday's game against the Nittany Lions.

The scandal surrounding Harbaugh and the Wolverines all began after team staffer Connor Stalions was accused of purchasing tickets to Big Ten games over the past three years with the intent of trying to decipher Michigan opponents' sideline signals.

In announcing its punishment for Harbaugh on Friday ... the Big Ten said it found at least some level of validity to the claims -- writing that Michigan gained "an unfair competitive advantage that compromised the integrity of competition" over it all.

This is not the first time Harbaugh has been in hot water this season ... he was also banned from the team's first three games over alleged transgressions during the COVID dead period.

Michigan is currently 9-0 despite all of the drama ... and ranked No. 3 in the nation.