They are not taking Wallace. Or Lee. Or Bass. Or any dumpable contract.
If they like Bradley and didn't think he would cost too much to re-sign next year, then Bradley and Brooks would work in terms of salaries and not pushing the C's into the luxury tax this year (I think. It would certainly push them even closer to the edge than they are now). I don't know enough about Waiters to know if that's a sensible deal, but it works with Cleveland's desire to keep room for LeBron next year, and if Waiters isn't producing offensively in Cleveland right now, then it makes them a better team. And maybe Waiters would work better with a pg like Rondo who is a good distributor. But I haven't heard enough of Waiters to argue that point strongly, only that the salaries make more sense.