As of this posting, the fine has climbed to an outrageous $50 ticket for the first time offender. That is of course, if you should be lucky enough to get caught off U of M property. Which incidentally falls under the jurisdiction of the state of Michigan, and is NOT covered by the local ordinances.
A word to the wise: If you are planning on going to the bash and getting high, take it off the campus proper, and smoke somewhere you won't be arrested.
That having been said, the bash has welcomed many a famous singer, songwriter and actor. A local favorite for some post bash munchies is Dominick's.