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	55	15	12	0.786	0.0
     San Antonio	52	18	12	0.743	3.0
       LA Lakers	45	25	12	0.643	10.0
       Minnesota	43	27	12	0.614	12.0
         Houston	41	27	14	0.603	13.0
          Denver	42	28	12	0.600	13.0
         Phoenix	39	31	12	0.557	16.0
     LA Clippers	34	36	12	0.486	21.0
        Portland	34	36	12	0.486	21.0
    Golden State	33	36	13	0.478	21.5
         Memphis	24	44	14	0.353	30.0
     New Orleans	25	46	11	0.352	30.5
          Dallas	23	47	12	0.329	32.0
            Utah	21	49	12	0.300	34.0
      Sacramento	18	53	11	0.254	37.5
           Total	529	518	183

Memphis can finish the season with at most 24 + 14 = 38 wins and will finish the season behind the following teams:
Oklahoma City has already won 55 games.
San Antonio has already won 52 games.
LA Lakers has already won 45 games.
Minnesota has already won 43 games.
Houston has already won 41 games.
Denver has already won 42 games.
Phoenix has already won 39 games.