If it happens here is how I think it will... We go to free agency and don't get Harris... we waive Favors... we move Exum, Korver, Bradley and our 2020 pick (better draft?) for Conley... we make up the delta between the salaries with a good chunk of our space. They save about $17M and can get closer to the salary cap floor, which I assume they will operate near next year. Would leave us with about $16M left to do our other business, as well as the room exception. Likely enough to get one or a couple of guys in the Rudy Gay, Niko, Danny Green, Trevor Ariza, Aminu, Ellington, Jamichael Green... don't think it'd be enough to get Bogdonovic… but you could waive Neto and get to 17M in space... maybe nab him on a 4/75M type deal, but it'd be kind of a funky fit at that point.
I'm still not sure that would be enough. I'm not sure the Grizzlies new GM will have any interest in Exum. I think there's a good chance they would want two first round picks.