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	16	2	0.800	0.0
     San Antonio	61	19	2	0.762	3.0
          Denver	52	28	2	0.650	12.0
         Houston	51	29	2	0.637	13.0
       LA Lakers	51	29	2	0.637	13.0
       Minnesota	47	33	2	0.588	17.0
         Phoenix	44	36	2	0.550	20.0
     LA Clippers	41	39	2	0.512	23.0
        Portland	40	40	2	0.500	24.0
    Golden State	37	43	2	0.463	27.0
     New Orleans	26	54	2	0.325	38.0
          Dallas	25	55	2	0.312	39.0
         Memphis	25	55	2	0.312	39.0
      Sacramento	21	59	2	0.263	43.0
            Utah	21	59	2	0.263	43.0
           Total	606	594	30

Memphis can finish the season with at most 25 + 2 = 27 wins and will finish the season behind the following teams:
Oklahoma City has already won 64 games.
San Antonio has already won 61 games.
Denver has already won 52 games.
Houston has already won 51 games.
LA Lakers has already won 51 games.
Minnesota has already won 47 games.
Phoenix has already won 44 games.
LA Clippers has already won 41 games.
Portland has already won 40 games.
Golden State has already won 37 games.