Ajani casts Threaten on Nissa's Grizzly Bears, then activates his Avarice Totem, targeting Grizzly Bears. What happens at end of turn?

My understanding is that the last sentence of rule 701.8b (If, on the other hand, those permanents are controlled by the same player, the exchange effect does nothing) means that Avarice Totem did not create a control-changing effect, so Nissa gets her Grizzly Bear back. It could also describe the fact that the exchange effect has no immediate impact on the game state. Which is it?

In order for the exchange of permanents to happen, the two permanents have to be controlled by different players. If the same player controls both permanents that would be exchanged, nothing happens and no change of control effect happens. In this example, the Totem's ability will resolve, but won't do anything since the same player controls the Totem and the Bears. When the effect of the Treason wears off at the end of the turn, the opponent will get their Bears back.

Nathan Long
Magic Rules NetRep