Just some random thoughts regarding this topic:
1) Boy it'd be pretty cold to trade someone who just came over as a free agent in Deng. You sell him on the team in the offseason, then use him as an asset 6 months later.
2) My first thought is that Memphis needs Green's offense more than Deng's defense, but looking at Deng's numbers he actually is shooting a higher percentage from 3 (Green is shooting .305!!!) and of course he has a better defensive reputation. Deng also averages 14.3 pts/game which is not bad.
3) Both players have similar contracts, 1 year + 1 year option at around 10 million.
4) It sounds like Memphis wants to bargain by keeping both options open. Time will tell if Miami and Boston can counter by enticing Detroit, Toronto, Cleveland, LAC, or even Portland.
5) I don't think Detroit is actually a real option because even though they're playing better they have to be wary of taking on a guy who has a good chance of leaving.
6) Cleveland would seem to have used all their bullets in the Mozgov trade.
7) Toronto seems logical and they might even have a chance at keeping whomever they deal for. I expect them to do something because it will be very difficult for them to improve their team otherwise. Re-signing Louis Williams and Amir Johnson (key bench guys for them) will bring them up to the estimated cap. It would be very difficult for them to sign an impact player and keep both unless that player were already on the roster, i.e. Jeff Green or Deng enters the picture. On the negative side, does either player make them an actual contender versus the Western teams? Probably not.