Man, I generally enjoy randomizer races but having never beaten FFIV this is mostly impossible to follow.
So at this point since two people have access to the Moon (where the final boss is) and they are just looking for the crystal (which makes the boss liberate to taking damage).
They have to keep fighting bosses till they find the crystal and then they can fight the final boss and win.
So while Neerm had the least amount of key items (which just unlock new areas) he has one of the most important. I'd put him in the lead and his is the screen to watch.
(Edit) Rivers got the crystal, Neerm won't be going back to Earth any time soon. Rivers is now who I'd consider in the lead with how far it of the way it was to get.
That said he still only has one part of the puzzle, it's just how long it takes for Rivers to go to the dark crystal spot. Or if Khobani decides to go to the sealed cave.
And Rivers is going to the D. Crystal spot, so it's his race to lose. So watch his screen if you want to follow the last 20 minutes or so till it's over.