Henne, a true freshman, completed 17-of-21 passes for 317 yards for the Wolverines (4-1).
Edwards totaled 165 yards on eight receptions while Mike Hart ran for 77 yards and a touchdown on 20 carries.
Matt LoVecchio threw for 136 yards and a touchdown on 13-of-19 attempts for the Hoosiers (2-3), who have lost three straight. Ben Green-Ellis ran for 44 yards and a TD.
Indiana punter Tyson Beattie ran for 32 yards on fourth down to extend the game's initial drive.