In a single head to head game.
My favorite example is UTEP and BYU in 1985.
BYU lost to UTEP but beat every other WAC team.
UTEP beat BYU but lost to every other WAC team.
Was UTEP better than BYU in 1985?
BYU was UTEP's only conference win.
UTEP was BYU's only conference loss.