Gay makes the most sense for the Clippers.
Butler, Odom, and Bledsoe for Gay, Wroten, and Arthur
Clippers get a legit healthy SF scorer, a young PG to replace Bledsoe, and a young PF to provide depth.
Grizzlies save some money this year and a lot long term, provide a capable (though not as good) Gay replacement in Butler, a veteran PF for their bench who is expiring, and a young fireball PG for their second unit.