ESPN Insider article by Chris Broussard:
Objective: Keep LeBron James.
Assets: James in a sign-and-trade deal or roughly $4 million in cap space if he walks.
The Plan: The Cavaliers' dream scenario is to complete a sign-and-trade for Chris Bosh. That would finally give James a perennial All-Star teammate and keep him in Cleveland. For this to work, the Cavs need Bosh to tell Toronto that Cleveland is the place he wants to be. This will mean that, in order to get something in return for Bosh, the Raptors will have to work a deal with the Cavs.
The Cavaliers would give the Raptors whatever they wanted, and it would probably be a package of Anderson Varejao, J.J. Hickson, Delonte West and either Jamario Moon or Anthony Parker, whichever one Toronto wants. The Cavs would rather keep Hickson, but if they have to give him up to keep The Franchise, they'll obviously do it.
Right now, Bosh isn't necessarily willing to force his way to the Cavs. He's open to joining LeBron in Cleveland, but it's not yet his top choice. If the Cavs can't get Bosh, or some other top-flight player, like Joe Johnson, they may not have enough talent to keep LeBron from leaving for greener pastures.
Alternative Advice: The Bosh scenario is clearly the best-case for the Cavs. If they pull that off, they should also try to sign Ray Allen for the midlevel exception. Boston may be willing to give Allen the midlevel as well, but the Cavs should give him four years, which should trump the Celtics' offer and convince Allen to go to Cleveland.
If the Cavs could find a way to get Chris Paul from New Orleans, that would also keep James in Cleveland. But that isn't very likely. It'll take much more than the Cavs can offer to get Paul, and since he's under contract for at least two more years, he can't force a sign-and-trade.
http://insider.espn.go.com/nba/insider/news/story?id=5327733&action=login&appRedirect=http://insider.espn.go.com/nba/insider/news/story%3fid%3d5327733