I think Mayo is in the wrong system, Memphis is going to re-sign Marc Gasol and seems to love Tony Allen (who wouldn't?). It seems like Mayo doesn't fit into their future plans. Offer them Toney Douglas as an affordable backup guard who can score and maybe Turiaf as an affordable back up big man - throw in $3M bucks.
I think Mayo would prosper in this system. I think he could turn into that explosive scoring guard this team so dearly needs.
I would also offer Chauncey Billups to the LA Clippers for Chris Kaman and Eric Bledsoe. Billups is the steady hand the Clippers need to reach the playoffs, and would complement Mo Williams in the backcourt there, who is more of a combo guard.
While I'm at it, here are the other realistic moves I think can be made:
Billups + $3M cash for Kaman + Bledsoe
Turiaf + Toney + $3M cash for OJ Mayo
Sign TJ Ford to some form of the veteran's mininum or if there's an MLE
Use pick 17 to draft Kenneth Faried
(i'd also fire d'antoni and bring in mark jackson, but I assume that can't happen until the summer of 2012)
Bledsoe / TJ Ford / Anthony Carter
Mayo / Fields / Walker
Melo / Shawne
Amar'e / Faried / Jeffries
Kaman / Jerome Jordan