The Grizzlies were going to get under the tax threshold, regardless, so it was a matter of who was on the block.
Of the post players, I would rather keep the fragile DA over Speights, just because he is a different and more valuable asset than what they already have with Gasol & ZBo. Hamed is also closer to Speights than DA. For Speights, it is a chance to get some playing time before his contract is up (he had to approve the trade because of his Bird rights).
Selby is a late 2nd rounder who is great at Vegas and summer ball. He just needs to mature, but he is not an NBA contributor yet.
Ellington hurts, but he is also somewhat redundant if QPon can come back healthy and if Bill Walker and/or Crazy Delonte West are serviceable.
The first rounder hurts if it is a lottery pick, but the Grizzlies haven't been nailing those anyways.
The starting 5 stay together and the Grizzlies are under the tax.
In a way it is Ellington, Speights, Selby, 1st rounder for Jon Leuer, Bill Walker & Delonte West (or whomever they sign).
[This message has been edited by Iowaggie (edited 1/22/2013 1:09p).]