Cleveland, even with Love's salary completely gone, is still over the cap, I believe. They can't sign outside free agents without some more complicated gymnastics than just removing Love.
That means really good things for JR Smith and Matthew Dellavadova. If they were to leave then Cleveland can only replace them with their exceptions and veteran minimum salaries. Basically the Cavs need to pay them whatever they want or they have to go fishing for much--much--worse players.