Cal is 0-8 to Louisville's 0-7, so they're better, right? Louisville actually lost an exhibition game (they also beat Chaminade in their other exhibition game).
Louisville has a good shot at 0-9, Cal is virtually guaranteed to go 0-9. If they do, both have a shot to end the winless streak against a directional school, Louisville hosting Western Kentucky, Cal hosting Eastern Washington.
The battle between Cal and Louisville could get interesting, but Louisville has a better shot at getting to 3 OOC wins than Cal (although not impossible for Cal if the Bears somehow beat Santa Clara). Louisville will likely end up with more conference wins than Cal.
The race, however, is by no means over, and Louisville shouldn't get too cocky. I'm assuming the race is to avoid being the worst major conference team in the country, as opposed to being the worst major conference team in the country, but whichever it is, the race could go either way.