To Moranis's comments I definitely don't think Cleveland was mismanaged. Taking on those contracts and winning 60+ games every year was the only way they had a shot to keep James at all.
If they didn't take on any contracts, they would performed just like Miami, enough star power in James to make the first round, and that's it. Even though they didn't succeed in the playoffs the last couple of years, they were still considered a major contender, nobody thought Miami was a contender.
Cleveland had no chance of selling LeBron on the future the past couple of years, they had to show James they were trying to compete now. It worked, but they still lost out, they had to take that chance though.