I wonder if the Cavs think Sexton and Conley can play together. Pairing Conley with Love would make the Cavs interesting and probably a back end of the playoffs type team. Cavs have plenty of contracts to trade, including Smith who has a small guarantee, so they can offer real cap savings and someone like Clarkson or Henson might make sense on the Grizzlies. Cavs can't really offer a first, but Clarkson, Zizic, and Smith for Conley is at least an interesting trade for the Grizzlies.
Even if the Cavs aren't a final destination for Conley, they could pretty easily fit in as a 3rd team with Smith's contract being very valuable in that situation.