Yes, Madison is still a better choice. If your heart is truly set on Santa Clara, then go. But it cannot compete in the same class as UW, or with peer institutions of UW. UW and SCU are entirely different, structurally and historically.
Here is a recent undergrad business ranking, which compiles data from multiple sources. UW at 18 for undergrad business, Santa Clara at 81 (the reversal of numerals here – 18 vs. 81 – is purely coincidental):
U.S. News does not consider Santa Clara a nationally-ranked school (see last column). UW is most certainly nationally-ranked.