If Gore runs, Obama doesn't. The race becomes Gore vs. Hillary, with the establishment backing Gore. Gore wins.
Not sure Obama would have stayed out. He long planned to run 4 prez. But I could see a scenario where Obama doesn't gain that much traction and becomes Al Gore's VP. Fun fact: In 2008, after securing the nomination, the Obama campaign briefly considered to offer the VP slot to Al Gore.
I think Obama would've stayed out. Before he announced, Obama checked with Gore to see what he was going to do, so I think if Gore told Obama he was going to run, Obama wouldn't run.