$\Gamma$ is consistent, then either $\Gamma \models \varphi$ or $\Gamma \models \neg \varphi$ (but not both) for all sentences $\varphi$.
Can we assume $M$ is a structure such that $M \models \varphi$ for all $\varphi \in \Gamma$? I think this is incorrect because if so, $M \models \Gamma$ will be true trivially. We are assuming what we want to prove. If this is wrong, what else can I try?
On the other side, from $M \models \Gamma$, we have $M \models \varphi$ for every $\varphi \in \Gamma$.
Then can we say $M \not\models \neg\varphi$? And how can we finish the prove with $\neg (M \models \varphi \land \neg\varphi)$?
If $\Gamma$ is consistent (i.e. $\Gamma\models\varphi\longrightarrow\Gamma\not\models\neg\varphi$) then clearly there exists a formula $\varphi$ such that $\Gamma\not\models\varphi$. So $\Gamma$ has a model $M\models\Gamma$, since otherwise every model of $\Gamma$ (since there are none) would satisfy $\varphi$. This may seem a bit tricky, to use a void hypothesis, but if you think a moment you will realise that it is not.
The converse is clear, right? If $\Gamma$ has a model, the inconsistence of $\Gamma$ would imply that some $\varphi$ is true and false in that model.