Asset #1: Luke Walton and his six million dollar expiring contract. While Walton has had some moments this season, most observers would agree that he is no longer a rotation-caliber NBA player. He also remains the most likely Cavalier to be moved by the trade deadline. Any Walton trade will probably involve taking on a longer contract another team wants to be rid of, as well as a promising young player or draft pick for the Cavaliers' troubles. Examples of potential trades might be Walton to the Milwaukee Bucks for Drew Gooden and a young player such as John Henson or Tobias Harris, or Walton to Denver for Wilson Chandler and a protected draft pick.
Assets #2 and #3: Daniel Gibson and Omri Casspi's contracts. While Gibson's contract is double that of Casspi's, they both offer similar value to contending teams; a solid three point shooter with an expiring contract. Either of these players have more value than Walton in that their play could actually help a contending team. Teams that need three point shooting such as Denver, Minnesota, and Utah might be interested. Trade examples would be either player to Denver for Chandler and Jordan Hamilton, to Utah along with a low first or second round pick for Alec Burks, and to Minnesota for JJ. Barea.
Asset #4: Cap Space. The Cavs are unlikely to use all of their cap space in any one deal, but they could absorb a bad contract as long as a solid young player or draft pick came back. Besides acquiring the players and assets previously listed, A trade for Tayshaun Prince or Charlie Villanueva and a first round pick is a possibility, as is a trade for John Salmons and either a lessening of the protections of the Kings' picked owed the Cavs, or the addition of a player such as Jason Thompson or even Thomas Robinson.
Asset #5: Draft picks. The will probably trade some of these picks in the future. The most likely scenario is to move up higher in the draft much like the way they acquired Tyler Zeller. That being said, they could also be packaged to trade for a fairly young star level player they really like. Rudy Gay's relative inefficiency combined with his contract don't scream a typical Cavaliers deal, but a trade for Thaddeus Young may make more sense.
What are some things you see the Cavs doing going forward? As frusterating as this season has been, Chris Grant is typically a very active General Manager, and the Cavs are as likely as any team to make a move before the deadline.