"But metrics strongly suggest that Louisville is better. And those are far more predictive than simple win/loss record against different levels of competition. "
It doesn't get much more "predictive" than bottom line results. I will say until I die that metrics are good but they fail to take into account intangibles that win games. Yes they are a good indicator but the old adage "that's why they play the games" always has value. Numbers can be padded and inflated. Hustle and heart can't be measured. Case in point is the second UC/UL game. If I told you UC would shoot 28%, commit 13 turnovers, have only 8 assists and give up 40% shooting you would tell me UC was blown out. But Cincinnati out rebounded them by 8 and outscored them at the foul line by 9 and lost on a rainbow shot with 2 seconds left. Games are won and lost on the court and numbers tell a story but not the whole story.