Denver may well reevaluate their position at the deadline...Which is why I think it important the Cavs be in position to have a package to make a trade at that time, as I have already outlined in another thread.
This is not the best time of year to make a trade. Teams that wanted to shed salary in advance of free agency have done so. Denver is not in the tax, and there is no pressing need to make a move or cut salary right now. They aren't likely to sell off assets in the midst of the PR campaign marketing the team.
That said, if the Cavs offered the Memphis pick, Denver may regret not making the trade. If the trade deadline market plays out this year the way it did last year, they might find that they can't get as much for Mozgov as they may think he is worth. Philly seems to have concluded it's better to get a first, likely in the 15-20 range, now while they can for Thad Young, rather than risk having to take a second rounder for him, as they had to do last year with Turner and Hawes.
Since Malcolm Thomas couldn't have been aggregated in a trade, I wonder what the Cavs offered Denver. Maybe he was included, with the understanding the deal couldn't be concluded for a couple of months.