I really don't the Cavs are that great. Bron - Love - Irving is an impressive trio in theory, and they've got some nice role players around them.
Still, I don't think they're clearly better than the Warriors, Clips, Spurs, Rockets, or Thunder, and in a seven game series I think that some bad luck and a few injuries could result in a loss to the Grizzlies or even the Bulls.
The Cavs are the "title favorite" only because they have very little competition in their own conference. They probably will only have to beat one contender to win a championship. That's a huge advantage.