This is the right idea. ^ Difficult, but not impossible.
Depending on the contracts, a double sign and trade between Utah/Indiana for Bogdanovic/Rubio should be pretty easy and strait forward - as long as the numbers line up and both players actually want to switch teams.
The trickier part would be acquiring Conley without using cap space AND still keeping Favors. Utah would have to A.) add Exum to the deal, B.) get Memphis to guarantee Korver’s full salary and C.) improve the draft pick compensation to make it worth their while. If Memphis is open to it, I’d be all for it. Favors > Exum. Build the team from the top down.
Not only would the Jazz keep Favors while still adding Conley & Bogdanovic. . . but they’d also operate above the cap and have the Full MLE plus their Burks trade exception to add two (or more) bench pieces. They’d be hard capped, but they should be able to pull it off while even staying under the luxury tax.