Purely from a CLE perspective:
1. Try to trade Waiters for some better talent on the wing. If you could make a deal the Charlotte to get Gerald Henderson and MKG in return for Waiters + other pieces, I think that'd be a great trade.
2. See if it's still possible to get some value for Varejao. He's on the wrong side of 30 for such a young team.
Generally, I think the issue for Cleveland is that while Kyrie is by far the best player on the team, there isn't enough off-ball talent around him. Guys like Waiters, C.J. Miles, Gee, Jarrett Jack etc all perform better when they have the ball in their hands.