Taker wins.
His WM and Hell In a Cell Amps are unstoppable. Not to mention he could likely gain access to the Urn and go back to his full power 1990 Survivor Series Million Dollar Team Taker, or generate two other rings to bring back Brother Love and Paul Bearer as Black Lantern summons.
What's Michaels gonna do, ressurect Marty Jannetty and Sensational Sherry as White Lanterns? Even Vince couldn't do that (at least to their careers). And like mentioned before, Taker can no sell all of HBKs attacks.
So yeah, Taker.
However, Red Lantern Stone Cold would take them all out.
Originally posted by Zack Fair
Montreal Screwjob HBK > WM powered Taker.Gundam is right. uhuh
However that was a one time high-end showing for Michaels and I doubt he will be able to summon the might of The Pressence again.
MSJ HBK was The Presence that night he just severely limited himself to make it look convincing.