Imo You nailed it.
The only question is whether pollsters move Louisville up 5/6 spots eking them ahead of Oregon. Pollsters don't normally move teams so dramatically. However, since both South Carolina and Baylor both lost this week, too......they might, and in the process, get the poll right this week.
There have been instances in the past when Uconn was clearly the best team in the country and were still lowered in the ratings by a loss (example; at Stanford fall 2014-15 I think). The only time a team ranked number one loses, and stays number one, is after a season is nearly concluded. This is not the current case which is why Oregon will drop.
Have to admit though, Oregon's win over Team USA was so impressive I expected them to go start to end without a loss.