Denver is eliminated from first place.

To show that Denver is eliminated from first place, we start with the current conference standings:
            Team	W	L	GL	PCT	GB
   Oklahoma City	64	18	0	0.780	0.0
     San Antonio	62	20	0	0.756	2.0
          Denver	54	28	0	0.659	10.0
       LA Lakers	53	29	0	0.646	11.0
         Houston	52	30	0	0.634	12.0
       Minnesota	49	33	0	0.598	15.0
         Phoenix	45	37	0	0.549	19.0
     LA Clippers	42	40	0	0.512	22.0
        Portland	42	40	0	0.512	22.0
    Golden State	37	45	0	0.451	27.0
          Dallas	26	56	0	0.317	38.0
     New Orleans	26	56	0	0.317	38.0
         Memphis	25	57	0	0.305	39.0
      Sacramento	22	60	0	0.268	42.0
            Utah	22	60	0	0.268	42.0
           Total	621	609	0

Denver can finish the season with at most 54 + 0 = 54 wins and will finish the season behind the following teams:
Oklahoma City has already won 64 games.
San Antonio has already won 62 games.