TCU in 2010 and 2009 and Cincinnati in 2009 make Louisville's situation hopeful for playing for the championship. They were undefeated but were behind undefeated "major" conference teams. However, Cincinnati's and TCU's schedule was much better in those years than Louisville's this year.
Assuming Louisville is undefeated, five of their eleven FBS wins will include a Kentucky (currently 1-5), Florida International (1-5), Temple (0-6), UConn (0-5) and Memphis (1-4). I doubt they end up playing a top 25 team all year.
If they, by some miracle, end up in the top two of composite computer scores (which they won't), no person will vote them in the championship in front of a one or even two loss Alabama, LSU, Oregon, Florida State, Clemson, Ohio State, etc.
Florida should have played Notre Dame last year, but Alabama was voted in because of obvious biases and the "traditional" matchup. Florida certainly has much more prestige in college football than Louisville and they got screwed.
No one wants to see the AAC champion play for the title, period.