Assuming Tennessee wins and Louisville loses to UCONN, Tennessee deserves the last #1 seed. Look at their body of work:
Quality wins:
vs. South Carolina (#2 seed)
@ North Carolina (#3 seed)
vs. Kentucky (#3 or #4 seed)
vs. Texas A&M (twice) (#3 or #4 seed)
Losses:
vs. Notre Dame (#1 seed)
@ Stanford (#1 seed)
vs. Kentucky (#3 or 4 seed)
vs. LSU (#8 or 9 seed)
@ Vanderbilt (#9 or 10 seed)
So in summary, 5 quality wins against top 4 seeds, 2 "good" losses, one neutral loss (Kentucky) and 2 bad losses. Also worth noting, Tennessee will have won their Conference Tournament and finished the season winning 13 of their last 14. Not a bad resume at all.
Now let's look at Louisville assuming they lose to UCONN in the AAC Championship
Quality wins:
None. Best wins are against LSU/Rutgers/Oklahoma/Florida State...all teams projected to be seeded 9, 10 or 11 in NCAA Tournament
Losses:
@ Kentucky (#3 or 4 seed)
vs. UCONN (3x)
No bad losses, but no good wins. You simply cannot give Louisville a #1 seed when they have done absolutely nothing to prove they belong in the conversation as one of the best teams in the nation. They lost all 4 of their games against top 20 teams (granted 3 are to UCONN, but still) and have 0 wins. They should not be in the conversation for a #1 seed unless they knock off Connecticut.
Baylor assuming they beat West Virginia:
Quality wins:
West Virginia twice (#2 or #3 seed)
Texas twice (#5 or 6 seed)
Oklahoma State three times (#5 or 6 seed)
Losses:
vs. Kentucky (#3 or 4 seed)
vs. UCONN (#1 seed)
vs. Kansas (13-19 overall record)
vs. West Virginia (#2 or 3 seed)
A solid resume. A terrible loss to Kansas (by 16 points no less) but they have throttled Kansas twice, and would avenge the loss to West Virginia. Compared to Tennessee, they lack as many quality wins but have one fewer loss. I'd pick Tennessee for the last #1 over Baylor, but wouldn't be upset if Baylor gets it.
Last candidate, West Virginia assuming they beat Baylor for the Big 12 crown:
Wins:
vs. Baylor twice (#2 seed)
vs. Texas two times (#5 or 6 seed)
vs. Oklahoma State two times (#5 or 6 seed)
Losses:
vs. Ohio State (17-18 overall record)
vs. Baylor (#2 seed)
@ Texas (#5 or 6 seed)
Not a bad resume. Honestly, I wouldn't be upset if they earned the last #1 over Tennessee should they beat Baylor for the Big 12 crown. The loss to Ohio State isn't very significant in my opinion because it was the very first game of the year. Besides that, a loss to Baylor and a close loss at Texas is nothing to sneer at. Besides that, two wins against Baylor, 2 against Texas, and 2 vs. Oklahoma State make for a solid resume. I don't think they have the talent to make the final four but I'd say they are a strong candidate for a #1 seed if they beat Baylor again (especially if Tenn loses.)
So in summary, I think here is how the seeding plays out:
If Tennessee beats Kentucky (big if): Tennessee gets a #1 unless Louisville upsets UCONn.
If Tennessee loses, the winner of Baylor/West Virginia gets the last #1 seed unless Louisville upsets UCONN
If Tennessee loses and both Baylor/West Virginia lose, and if Louisville loses to UCONN in AAC, toss up for last #1
If Louisville beats UCONN, they deserve a #1 seed.
This is going on the assumption that Duke will lose to North Carolina or Notre Dame (if they beat Notre Dame, they belong in this discusison) and that Stanford doesn't lose the Pac 12. If Stanford loses the Pac-12, it could open the door for 2 of Tennessee/Louisville/Baylor/West Virginia/Duke/South Carolina to nab a #1 seed.