I wrote this somewhere else, but if I were Cleveland, I'd offer Varejao AND Boobie Gibson for 'Sheed's contract and Big Game Davis. Not sure if Danny would do it or not, Sideshow >> Davis, but those contracts aren't good.
But, SOME contender would gladly take Varejao, even if it meant having to absorb Boobie Gibson's three remaining years (at abour $14M total).
Cleveland basically has four bad contracts right now.
AV, the deal's not too bad except that he's a player than makes more sense on a squad like ours instead of a rebuilding team. He's got another four years.
Mo Williams, he has another three years at about $9M per. Don't see anyone taking that deal on, as Mo really ought to be coming off the bench a la Jet Terry. Too much to pay for a good-but-not-great combo guard.
Boobie Gibson, a dumb contract they offered him that runs three more years, about $4.5M per.
Antwan Jamison, two more years.
If they could package AV and Boobie, to us or to anyone else, they would probably not have much cap space (if any) for two more seasons but could basically do a full rebuild in 2012. They'd really only have Mo under contract for 2012-2013, and I bet they'd be able to trade him for an expiring contract in twelve months.
Play Hickson a lot, see if he's really a building block.
Suck really bad for two seasons, get some high-lotto picks. Buy up as many 1st rounders as you can (think of all that money you're not playing LeBron now).
No guarantees, but they'd be in position to start fresh in the not-too-distant future. But, use the appeal of AV to get some other long-term deals off the books.