Reposting and modifying my argument for stalemate from the poll.

The points here have been modified to be more clear, to

address frequent comments, and are not 100% identical to the original versions of my points:

1) The nature of godzilla is extremely varied, his range of powers and abilities change from continuity to continuity, and you
will have to specify which version you want to pair up here. Just as well, Cthulhu has a few interpretations of some variance.
To help unmuck the variable power levels of each, lets say we use their oldest incarnations to exist in multiple stories: Showa
era Godzilla and Lovecraft-only Cthulhu.

2) Cthulhu with regards to Lovecraft's work alone is both more powerful and far less powerful than people are giving credit for.
The thing about the Great Old Ones is that, at base, they don't drive you mad. The madness in Lovecraft's stories comes from
the insight and nihilism that follows an encounter with creatures like Cthulhu, and by extension the understanding of the
universe and man's place within it. Lovecraft was being a little hyperbolic in this regard, as we know now that commonplace
nihilism doesn't really drive anyone mad. Additionally, Showa Godzilla's personality ranges from that of an animal, to that of
an up-beat yet dim-witted hero who already can't comprehend basic things, and by extension cannot be particularly driven mad
via nihilism by further concepts he is lacking in understanding of. Because of this, the traditional madness related to the Old
One situation is likely a non-issue for Godzilla in this incarnation.

3) That said, Cthulhu specifically is supposed to have incredible psionic power, hindered only by water. This is also a source of
madness in Lovecraft's stories, but a specifically different sort than the madness one is supposed to get from seeing Cthulhu,
which as stated above is Lovecraft's unrealistic expectations of someone adopting nihilism. The madness Cthulhu specifically
is capable of inducing is something of a body-appropriation, a mind control so profound it overwrites the identity of the being
it influences, making them like him, something Cthulhu was theorized in-story to be capable of at a global scale if every fully
awakened. This is likely because it legitimately makes those it affects part of Cthulhu, whose non-material presence may in fact
far outstretch its physical body. Maybe, that is still not wholly confirmed nor denied within the boundaries of Lovecraft's work.
We know at least one Godzilla has fallen victim to mind control before, Showa Goji under the control of the Xiliens, so this
would be a valid point of disadvantage for Godzilla.

4) Cthulhu's physical form can be shattered by blunt force as small as a yacht, though the nature of Cthulhu's body means that
parts of it need to be completely destroyed, as mere disassembly is essentially a non-wound due to its ability to reassemble
without decay. You can break it apart, but the pieces don't go away unless you have a means of explicitly obliterating them, so
he can just put himself back together from his parts were you to cut him in two. That said, the fact that an object the scale of a
yacht can do such to Cthulhu helps legitimately describe Cthulhu's scale and consistency beyond the lofty text Lovecraft uses,
and the truth is that while it would be nice to assume Cthulhu is literally miles tall, his largest form we've ever seen is probably
on the same height range as Showa Goji. This may be an advantage for Cthulhu, as while many Godzillas will have
regeneration as a staple and defining power, Showa Goji was never explicitly stated to have as much. That said, it is also
important to note that Showa Goji is actually a member of a species containing multiple Godzillas, the one from GRA-on not
technically being the one that died to the oxygen destroyer, and so there is the probability of comeback fights by subsequent
members should one lose.

5) Cthulhu lost his only known Lovecraft-only all-out war in his conflict with the Elder Things in At The Mountains of
Maddness. We know that the Elder Things had such a victory that Cthulhu was forced to both agree to peace, and to live in
R'lyeh, rather than live there by choice. The fall of the Elder Thing empire on earth only occurred at a later date, when their
Shoggoths finally clued that they were capable of everything and more than the Elder Things, and rebelled against their
masters, as manufactured beings are wont to do. The weaponry the Elder Things were described as having do not seem to far
outstrip the standard power level of what Godzilla's breath weapon is shown capable of, and we know they won against
Cthulhu by brute force rather than metaphysical manipulation shenanigans, so it would seem to be a point of advantage in
Godzilla's favor that the destruction even Showa Goji is capable of is on par with what is known to genuinely damage Cthulhu.
At least, damage to an extent that Cthulhu surrendered. You may go on at length about how Cthulhu is some sort of immortal
extra-dimensional elder god, but the fact of the matter is Cthulhu had to ask for peace from the Elder Things, who were in such
a position over him that whatever power he had did not matter, and appeared to do so without going extra-dimensional with
their offensive capabilities. It is interesting to note that the oxygen destroyer is actually eerily similar to the weapons the Elder
Things were described as having, and would likely have similar effect, and as such, actually posits a point of advantage for
humans over both of them in a surprise turnaround I didn't expect to consider. Good Job Humans.

6) There is also the fact that this conflict is swayed heavily in Godzilla's favor if they are under water, as Cthulhu's trump
weapon against Godzilla is explicitly stated to be weakened to the point of near-nill effect in an aquatic environment, allowing
Godzilla to freely damage Cthulhu as he pleased. Similarly yet oppositely, the battle sways far in the favor of Cthulhu in a
desert environment, as Godzilla would explicitly have to rely on being able to damage Cthulhu enough before Cthulhu could
successfully subsume Godzilla's mind, of which we have no real metric to gauge the speed Cthulhu can do so in besides "a
single night", and so would have to assume Godzilla would not have much time to do so in. People don't seem to get that
Cthulhu is in no way actually aquatic, he merely has tentacles that could evoke the image of an octopus. Cthulhu's power
weakens in water, aiding his imprisonment, Cthulhu is described as hesitant to enter the water when chasing the explorers of
R'lyeh, and it is stated that R'lyeh was forcibly given to Cthulhu as something of a place of exile by the Elder Things, not that
he sleeps there by choice.

7) Were both of them to be operating under some sort of shared ruleset by which both of their stories were canon, Showa Goji
would have a curious additional powerset due to the nature of his ability to make himself powerful over magnetism, combined
with the peculiar nature of magnetism within the confines of Lovecraft's setting. This is a wildcard consideration, since we
have no idea what kind of powers this could lead to, but I for one would say that Showa Godzilla in Lovecraft's Setting is a
potentially more powerful being than Showa Godzilla in Showa Godzilla's setting.

This is what I would consider a near stalemate (Godzilla being able to damage Cthulhu in a legitimate and meaningful way,
but Cthulhu being able to subsume the mind of Godzilla), slightly angled in favor of Cthulhu as some of the more high-
powered abilities like regeneration and AOE-energy attacks didn't happen until the Heisei era, but still believe the deciding
strike is the first. Because of this, I'm going to side with personal bias and vote Godzilla, but in truth they are likely the same
tier of entity if you examine what each is stated and shown to be capable of.
Thanks for coming to my ted talk.