The Wolverines (2-0) have won their first two games by a combined total of 97 points.
"We're hungry," Butt said. "We're up 30 points and we want to be up 40."
Speight was 25 of 37 for 312 yards.
"I would not being going out on the limb to say he'll be our offensive player of the week," Michigan coach Jim Harbaugh said.
The Knights (1-1) got off to a relatively good start before getting blown out. They ran for a first down on the first snap and forced Michigan to punt after its first three plays.
UCF had a chance to pull within three points with 6-plus minutes left in the first quarter, but Chris Wormley blocked a kick for the Wolverines and a few minutes later they were up 14-0. Wormley blocked another field goal later in the game and the Wolverines appeared to get hands on UCF's first two punts that went a total of 40 yards.
Butt's second TD reception early in the second quarter gave Michigan a 31-0 lead.
"We think he's the best tight end in the country," Speight said. "He makes our job easy as a quarterback and receivers."
Hill, a 6-foot, 2, 263-pound fullback, plunged into the end zone for his second score early in the third to pad the Wolverines' lead to 41-7 and they didn't have trouble keeping the comfortable cushion.
"It felt like we weren't up by enough," said Amara Darboh, who caught five passes for 111 yards and two TDs.
UCF: The Knights might need a new quarterback to run Scott Frost's no-huddle offense. Justin Holman landed awkwardly at the end of a run in the first half, walked off the field gingerly after an evaluation and didn't return to play. Nick Patti replaced Holman, who has an undisclosed injury. Frost said he may not have played even if cleared to return. "Just to make sure he is healthy going forward," he said.
Michigan: The Wolverines will have something to work on this week despite another lopsided win. They struggled to run the ball with either De'Veon Smith or Chris Evans, forcing them to hand off to Hill and wide receiver Eddie McDoom to move the ball on the ground. "That tells me our guys are playing harder and fighting," Frost said. "That's really what I wanted to see." Michigan allowed UCF to score on 87- and 34-yard runs, and allowed Holman to run for 35 yards and Patti to pick up 26 on a quarterback scramble.
UCF: The Knights host Maryland, the second Big Ten school to play at UCF and the first since Purdue in 1999.
Michigan: Rekindling memories of a dramatic finish, the Wolverines will play Colorado at home. Kordell Stewart lifted the Buffalos to a 27-26 win in the Big House on Sept. 24, 1994, with a 64-yard Hail Mary to Michael Westbrook on the last play of the game.