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	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

Memphis can finish the season with at most 25 + 0 = 25 wins and will finish the season behind the following teams:
Oklahoma City has already won 64 games.
San Antonio has already won 62 games.
Denver has already won 54 games.
LA Lakers has already won 53 games.
Houston has already won 52 games.
Minnesota has already won 49 games.
Phoenix has already won 45 games.
LA Clippers has already won 42 games.
Portland has already won 42 games.
Golden State has already won 37 games.
Dallas has already won 26 games.
New Orleans has already won 26 games.