I honestly think one of two things is going to happen.
1) A max free agent decides he wants to sign here even if it's for a little less than his max. Then the Jazz explore their trade options with Favors/Exum.
2) The more likely scenario. The Jazz engage in talks with a few max free agent types but all decide to go elsewhere for more money. The Jazz keep Favors and fill out the roster with what they have to work with.
I don't see moves like waiving or trading Favors to pick up guys like Portis, Mirotic, Bjelly. Those are lateral types of moves at best. Exchanging defense for shooting. The Jazz will be looking for a clear and decisive upgrade.