I came here to just say 'drought' implies abnormal lack of rainfall. For California the issue is there is nothing abnormal about years of little rainfall.
There is a comment from Charles Bowden the rings to true to me. Talking about the Civilization in the Arizona Desert; the desert will win eventually because you can't take what it doesn't have. With California the real question is how much damage will we do while losing the battle.
Just to emphasize this: the southern San Joaquin valley drains to the ocean only during extreme El Niño events. So basically there is no water left to be captured there. The only water left is north of Sacramento, and is needed to keep the SF Bay alive. Sure, the Bay could survive if a little more water was taken, but that wouldn't be enough to solve the problem.