If JO is signed for all or most of the MLE, then Sheed's contract becomes our only means of filling the next biggest hole on the team: a back-up who can shoot.
From scouring the salaries index at Sham Sports, I've composed the following list of wings (defined pretty loosely to keep this list from getting too small) who might be made available in a salary dump:
James Posey (2 yrs/$13.4 mil)
Leandro Barbosa (2 yrs/$14.7 mil)
Mo Pete (1 yr/$6.2 mil)
Jason Kapono (1 yr/6.6 mil)
Nocioni (2 yrs/13.5 mil)
Daniel Gibson (3 yrs/13.2 mil, last yr partially guaranteed) + either Jamario Moon or Anthony Parker (each at 1 yr around 3 mil)
Luke Walton (3yrs/16.7mil)
Boris Diaw (2 yrs/18 mil)
Hardly an inspiring list. My favorite option is Boobie Gibson's contract plus Moon, contingent of course on LeBron's departure from Cleveland.