I would help if we started by saying what we mean by these two words. But in relation to Buddhism i think having a deity-like status shifts to religion. Not all religions have gods, but if it has a god I think it is probably a religion. .
That is still too narrow a definition for me. I use the word "religion" in a much broader sense; it refers more to the sense of devotion, awe and wonder experienced by the members of a religion. Having a god -- that is, some entity outside oneself, up in the sky, an "other" supernatural being -- is not pertinent to that sense. The essence of religion -- to me -- is simply Love, with a capital l.
It's my way of reclaiming the word; all too often it's deliberatelly put into this very narrow definition: worshipping a god, illogical claims, senseless rituals, authoritarian structure -- so that everybody of reasonable mind can reject it.
Once we quite seeing religion ONLY in such terms, all kinds of possibilities open up. Inner joy, love, compassion, strength, peace, fortitude, service to mankind are the qualities almost all world religions ultimately promote and teach. When religion stops being a nasty word we can perhaps pay more attention to those universally valid aspects.