I do think Cleveland has to go for it this year, and convert those expiring deals into impact players.
But looking over the Cavs roster, it seems they ought to go after an impact big man rather than another shooting guard. The Gibson-DWest-Mo Will troika makes for a nice rotation, with Pavlovic a decent option for some backcourt size as well.
I don't think Ben Wallace, Big Z, and Sideshow Andy is enough to beat the rest of the East. They need one more big body, preferably one with some offensive game.
Don't know what Miami's plan is for the future, but if they want to unload some money, Wally for Udonis Haslem and Marcus Banks would be a great move for Cleveland.