salary cap to sign their own guy if they have the bird rights. Can't go above the salary cap to sign a free agent from another team, except for using one of a few exceptions or giving a minimum contract.

So Jazz can go above the salary cap to sign Conley, although they will incur some penalty (paying a fine to the league).

Even with shedding Favors the Jazz are not under the cap enough to lure a decent free agent with a big salary. Shedding Favors just helps reduce the penalty they would incur for going over the cap to sign Conley.