It's not looking good at all. There's very little Cleveland can do under the cap. Under the circumstances, it seemed the trade for Jamison was the right move to put this team over the top, and at the time of the deal, it didn't look like ANY team would be able to give out 2 max deals due to the salary cap for next year.
Then, magically they find 5 mill extra for the cap, it gives multiple teams the ability to sign 2 max deal players, and the Cavs had already blown their wad on Antawm Jamison. I think had the circumstances been different at the time, maybe it's Amare Stoudamire or bust. Had you swung that trade, and his contract expires at the end of the year, you have a lot more cap-room to make a move, or you re-sign him.
Just seems like a lot of unfortunate mistakes and bad luck in hindsight. I think if the salary cap was retained in the low 50 millions, it'd be much more likely for LeBron to come back. That little bit of extra wiggle room really helps the Knicks/Nets/Clippers and the Bulls in the event of a sign and trade.
If you check out hoopshype.com (equivalent to profootballtalk.com) there's a lot of smoke in regards to LeBron and every city except Cleveland. Don't know if that means anything, I'm just not feeling any good vibes.