Calipari will not allow it. And he basically runs CUSA basketball, for obvious reasons. He has made it perfectly clear that SEC teams are not welcome at FedExForum, except Tennessee, and I'm not sure he's real crazy about that, either. If he had his 'druthers, he would not play any SEC school. He did not want the basketball program relying on SEC schools to fill the arena, like their football program does. And he has managed to make that happen - Memphis fills the arena regardless of who they play now. So I doubt he and the UM ath. dept would be too keen on allowing the SECT to be held at the Forum.
I agree that it would be a great location for it, however, due to its central location to so many SEC schools, and Memphis is also an SEC fan melting pot. Huge alumni groups for State, OM, UT, LSU, Alabama, Arkansas and Vandy here.