To anon above, the Cavs can easily accommodate Love in a trade. He is on nearly $16mill this season, so they just need to trade about that much back to Minnesota. Once they have Love on their roster, they will have his Bird Rights and can go over the cap to sign him to an extension.
If you look at Cleveland's salaries, the only way they can really make it work is to trade Waiters, Thompson and Bennett, which comes to just over $16mill. At the very least two of those three would have to be in the deal. If Minny capitulates then maybe Cleveland manages to hang on to Thompson.
Jonno, if they stick with Thompson and Bennett instead of Love, they aren't winning anything next season. If they sign Love, they are only a couple of good role-players away from contending again.
I think they would be fools not to trade for Love just because they wanted to hang on to one of Thompson (solid but limited player) or Bennett (talented offensively but terrible attitude on D).