You are correct.
This could also have the most wins ever in conference play and have the best overall record... and the chance to finish as regular season champions for the first time ever. (Best conference finish ever was 2nd, which happened a few times.) USF is in the 48th season playing basketball in a conference... there have been just 8 winning seasons.
Complete list of USF basketball seasons with conference records above .500 (there have been 3 seasons at .500 in conference play)... in all but one season, the Bulls went to the NCAA or NIT.
2011-12 - 12-6 in Big East [Stan Heath] (this is also the most wins and best overall record .667) -- NCAAT
2000-01 - 9-7 in C-USA [Seth Greenberg] -- NIT
1991-92 - 7-5 in Metro [Bobby Paschal] -- NCAAT
1990-91 - 8-6 in Sun Belt [Bobby Paschal] -- NIT
1989-90 - 9-5 in Sun Belt [Bobby Paschal] -- NCAAT
1983-84 - 9-5 in Sun Belt [Lee Rose]
1982-83 - 8-6 in Sun Belt [Lee Rose] -- NIT
1980-81 - 8-5 in Sun Belt [Lee Rose] -- NIT
Hypothetically, if USF wins out that would be 24 wins, which will match the most ever (2018-19 - 24-14 [Brian Gregory]). One more win in the conference tournament and/or post-season would eclipse that mark.
The best ever overall winning percentage was 1975-76 when USF was an independent and finished 19-8 (.704) [Chip Conner]. The 1982-1983 Lee Rose coached team finished 22-10 (.688) overall.
The 1983-1984 team missed out on the NIT because they lost in the first round of the conference tournament, and the 5th place UAB ended up winning it. So the Sun Belt sent two teams (reg season champ VCU and tourney champ UAB) to the NCCAT and two more teams to the NIT (2nd place and tourney runner up Old Sominion and 3rd place South Alabama)... all four had better overall records than USF ... leaving USF on the outside.