I know you can never really predict these things and it could totally end up being wrong (and there's such a small chance of it happening anyway), but... I'd much prefer an unprotected Memphis pick next year than their pick this year.
Even if it doesn't end up being a stronger draft (which I very much believe it will), an unprotected pick for a team that has a good chance of being in the lottery in a perceived strong draft has more value. It also helps space out some of the young contracts and helps with decision making down the road.
What are we actually talking about here, though, a 2% chance versus a 0% chance?
Sure, 2% is better than zero, but in all likelihood were still getting that pick in this draft.
Personally, I gave up hope of this pick being anything special when we lost out on getting it last year. That was our chance to get a top 10 pick. Even if by the largest of miracles the pick gets deferred again to next year, Memphis will probably just end leaving us with a pick somewhere worse than what we could get this year.