Memphis is eliminated from first place.

To show that Memphis is eliminated from first place, we start with the current conference standings:
            Team	W	L	GL	PCT	GB
   Oklahoma City	61	16	5	0.792	0.0
     San Antonio	59	18	5	0.766	2.0
       LA Lakers	50	27	5	0.649	11.0
          Denver	49	28	5	0.636	12.0
         Houston	47	29	6	0.618	13.5
       Minnesota	46	30	6	0.605	14.5
         Phoenix	42	35	5	0.545	19.0
        Portland	40	38	4	0.513	21.5
     LA Clippers	39	38	5	0.506	22.0
    Golden State	36	41	5	0.468	25.0
         Memphis	25	51	6	0.329	35.5
     New Orleans	25	52	5	0.325	36.0
          Dallas	24	52	6	0.316	36.5
            Utah	21	56	5	0.273	40.0
      Sacramento	20	57	5	0.260	41.0
           Total	584	568	78

Memphis can finish the season with at most 25 + 6 = 31 wins and will finish the season behind the following teams:
Oklahoma City has already won 61 games.
San Antonio has already won 59 games.
LA Lakers has already won 50 games.
Denver has already won 49 games.
Houston has already won 47 games.
Minnesota has already won 46 games.
Phoenix has already won 42 games.
Portland has already won 40 games.
LA Clippers has already won 39 games.
Golden State has already won 36 games.