They aren't a bad team at all, the Gasol-Randolph FC is still one of the most dangerous in the league, but they look like a little meh lately... most of their wins came against subpar teams, and they were hopeless w/o Gay on court in the last game. I can't see them match OKC or LAC at the playoffs, and even GSW and DEN seem little stronger now.
The thing that I don't like about the grizz is there lack of shooters , they need that floor spacer that would make them pay for trying the clog the lane because once it comes playoff time and defenses start getting intense on D he will be harder to score inside when really the only the guy that can knock down 3s is Conley.
The great teams have shooters that let everyone else on there team do whatever they want on offense without help D For example just look at the NBA finals teams last year with the Heat and Thunder , the Mavs the year before that and so on.
to be honest, they're a great team (emphasis on the word 'team') but lack a superstar to carry them over the edge. And before anyone compares these guys to the Pistons, the Pistons' defense was even better than the Grizzlies, and they had an all-star point guard making huge shots and controlling their offense, which the Grizzlies just don't have.
O.J. Mayo may have been the odd man out in Memphis, and they may not have been able to use him to the fullest extent, but they still have to cope with the loss of a dynamic bench scorer who is being replaced by the combination of Bayless and Ellington, two below average NBA players, IMO.