Didn't he agree to an extension in Cleveland when he was traded?
I don't think he did.
If I recall, there was some sort of "verbal agreement" in place, but I believe technically Love could still opt out next summer, if he wanted to.
He won't he's just waiting on the TV deal, just like Lebron.
Also I wouldn't hold my breath on Cleveland sucking all year. Miami went 9-8 to start before starting to play like a team. The 2008 Celtics gelling from day one were a glorious exception, not the rule. They have some issues to sort out, namely getting Irving out of the "I have to score us 30 a night, or we are out of this" mentality he developed when the Cavs sucked.
I heard an amazing stat on 98.5's post game that he took something like 40 shot attempts in between his last 2 assists. They need to get him involved in moving the ball, they have to many good offensive pieces to play iso all the time.