They will product change to either a quicksilver or a venture one card. But depending on your account (long time customer, on time payments, etc) they may also waive the fee. I was able to get mine waived, but they will only check your account for eligibility to waive the fee after it gets assessed (they apply a credit to the account).
Its up to you, but if I were you I would not do a product change because the quicksilver also has a signup bonus, and you would not be eligible for it doing a product change. Might as well cancel your Savor Card, then sign up for a quicksilver. You end up in the same place, only one signup bonus richer.