Memphis has a $7M trade exception they seem open to using. Rip would actually help them for their playoff push. Memphis may be able to get a better player than Rip for their money. I'm not sure, though.
I expected an answer like that. ;-) I think sometimes the trade rules are somehow difficult. But not here...
The exception can't be used in a multi-player kind of trade. If they can break up a multi-player trade into two or more separate ones, then maybe the exception can be used. That is, the exception must be used to get exactly one player in return. It's a way of doing a trade that's in two parts - now and later. Now you give up the guy to the other team, later you get back a guy in return but from any team you can deal with.