A paired cranked Nilsson-Strutinsky-Bogoliubov (CNSB) model is presented, which employs the same method to calculate the liquid-drop energy and moment of inertia as the unpaired cranked Nilsson-Strutinsky (CNS) model. In the CNSB model, the energy minimization is carried out in the mesh of pairing gaps $\ensuremath{\Delta}$ and Fermi levels $\ensuremath{\lambda}$ as well as deformation parameters. The high spin states in $^{161}\mathrm{Lu}$ are then investigated with the CNSB and CNS models. The terminating structure shows a striking similarity with these two models. Combining the CNSB and CNS models, a complete understanding of high spin structures, including the normal deformed (ND) and triaxial strongly deformed (TSD) bands and observed side bands in $^{161}\mathrm{Lu}$, is achieved. It appears that the only important paired crossings are the first ${i}_{13/2}$ neutron crossing and the first ${h}_{11/2}$ proton crossing. For the description of the unpaired high spin crossings, it is important to be able to distinguish between the pseudospin partners in the proton $\mathcal{N}=4$ shell, $({d}_{5/2}$,${g}_{7/2}$) and $({d}_{3/2}$,${s}_{1/2}$). The yrast bands are predicted to terminate, which explains the structure of a TSD-like band X2. A band crossing at $I\ensuremath{\approx}36.5$ for the TSD band in $^{161}\mathrm{Lu}$, unique within the chain of even-$N$ Lu isotopes, is well described by the CNSB model.
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