This team can be a player in the east, the third or fourth best team depending on the Bulls. But that says more about the state of the East than anything else. They are still worse than all the top Western teams. Far worse than Spurs, OKC, Clippers, Grizz, Rockets, and also worse than GSW and Portland.
To upgrade this team to the tier of Heat, OKC, and Clips (Spurs are all on their own), we would need more. Two scenarios.
Scenario 1: Somehow trade Wallace and replace him with decent value. If you can deal a pick leftover from the hypothetical Love deal to turn Wallace into a solid 6th man, it's huge. Then, I think you still need a bit more. Pick one of three to make a contender:
-Better than expected improvement from KO/Sully, whichever is left after the Love trade. This would give us a really nice 3 big rotation.
-Rondo has a career year
-Jeff Green has a career year.
Scenario 2: get Melo (in 2015). Even if it means giving up Green and downgrading AB. We would likely have a top-3 offense, and maybe Asik can give us a respectable defense, too.