I don't think the Cavs have missed out on anyone that didn't get a better deal than the Cavs were willing to give or should have given them. Pro sports is all about getting the most money. I'd guess upwards of 98% of the time a player will take the contract that gives him the most money. The Cavs aren't willing to give an older player more than a 1 year and who knows if they were willing to give Ariza 5 years like Houston gave him. I think if they offered the same contract Houston did he would have probably come to Cleveland. I think Ferry wants to bring back Andy for the right price and bring in two or three vets for one year so that they have the max money next summer.
On the bright side the Magic weren't willing to spend the money to make them a better team so the Carter trade has made them much worse when you consider the players that they had to let walk. The Artest to LA move has a similar risk to it as Shaq to Cleveland. Being in a media center could get to Artest's head and make them a worse team, and they ended up giving up one of their good young players to get him. Shaq's age is a big concern to the Cavs since they need to keep him healthy, rested, and dominate for the playoffs when they need him. In a Lakers series Ariza probably would have spend a lot of time on Lebron and now an over the hill Artest will probably spend a lot of time on him. If Shaq can stay healthy and be as productive as he was last season that move alone might be enough to put the Cavs over the top. They do need a 2/3 that can shoot and defend well enough to guard Kobe or another taller player some of the time, but the only team I really worry about for the Cavs this year is the Lakers. The Celtics are still old and Wallace for 2 years won't help that. The Pistons spent a bunch of money on role players and won't have the team play that made them the Pistons. The Spurs will be better, but the Cavs would only have to play one team out of the West and I think that will be the Lakers.
I'd look for Shaq and Z to be limited to 20-25 minutes a game during the regular season with Andy, Jackson, and JJ taking the rest of the minutes. The rotation will probably depend on who they are able to sign now that most of the money that can be spent has been spent and all teams are financially on similar footing. If Marion would be willing to play 1 year for the MLE I'd give him a look, and I'd also like to know what the Raptors would be looking for with a sign and trade for Parker. If that could be the non guaranteed contract to Wally and a draft pick I'd like it, but I wouldn't want to give up a Boobie, West, or JJ for that deal. On a side note I wonder why the Raptors aren't more willing to spend for one season to put the best possible team around Bosh. I'd overpay to get guys like Marion and Parker to sign one year deals since they could use their Bird rights to do it. If they come out and suck this season like they did last year they will have to move Bosh by the deadline because he is in the 2% of players that might be willing to take a little less money right now to get out of Canada. A team with Bosh, Marion, and Turk would give teams mismatches.
The Cavs need to protect the young players they have because they are the incentive for Lebron to stay. The Cavs don't have the large core of young players under contract like some other teams have so they need to keep the good young talent that they do have unless they can use it to net a guy like Bosh.
I'm still waiting for the Cavs to make a splash in the FA market, but after seeing the deals that have been given out I can see why they haven't signed anyone yet. I'm sure Ferry is doing what's best for the Cavs this year and for next summer.