I don't see much happening here. LeBron hasn't signed his deal yet for a reason. Smith will get his deal. My guess is 4 years, a shade under $56 million, which would be $12.5 million this year with max raises.
I think this is the most likely outcome too. Last season JR Smith played 30.7 mpg in a contender; I do not think 2-3 more mill per year will be enough to make him leave that at the age of 30.
As for Love, I always doubted the rumours that they would trade him because it would be very hard to get a player of similar value in return. If they trade him for assets in order to get cap space, such a move would IMO only have made sense much earlier, before the best FAs had signed.
They can always make a deal with LAL or Philly for young talent as BitterJim suggests, but although I do not think this is impossible, it is unlikely.
Finally, I would like to know what is the OP's logic behind this post. The title literally reads //Cavs might not sign player X, so they might trade player Y//. What is the connection between JR Smith and Love (honest question, no irony here).