No-brainer from the Memphis perspective.
Though Pastner didn't like it, the game was important because Memphis frankly lacked big games on their schedule, not just for RPI (though not this year, obviously) but rivalry games, TV exposure, etc.
That's not a problem anymore. The Big East is still going to be a top three basketball league year in and year out, and Memphis picks up old rivals Louisville and Cincy again. Whereas there was a little upside for Memphis to playing Tennessee, now there's zero. While the recruiting component is probably overblown, no need to even put it in play.
Maybe the SEC-Big East challenge will pair up Memphis and UT now and then.