Suns have reportedly offered Bledsoe, Bender, and Miami's 1st (top 7 protected next year and unprotected in 2019) for Irving. Cavs are holding out for Jackson (instead of Bender). This is clearly and by far the best reported offer the Cavs have received (Minnesota won't include Wiggins, Denver won't trade Murray and Harris).
http://nba.nbcsports.com/2017/08/04/report-suns-willing-to-trade-eric-bledsoe-dragan-bender-first-round-pick-for-kyrie-irving/
I'd love for that deal. Cavs get worse, Suns get better. Helps the Celtics get past the Cavs and the Suns get past the Lakers and Nets (and Kings in 2019 if necessary).
If the Cavs can get the Suns to take back Shumpert they should take the deal.
I imagine the Suns and Cavs will eventually get something figured out. Whether it is the Suns taking on more salary or different or more pieces going back (Warren, Chriss, Ullis for younger players Dudley, Chandler for vets). There are a lot of variations out there with Irving and Bledsoe being the main components. Just as an example, if Chriss was swapped for Bender, do you think Cleveland is more accommodating or Phoenix balks at that.
Or maybe you keep Bender in the deal, but add Warren and Ullis with Shumpert going back to Phoenix. I actually think the Cavs might do that as it saves them 6 million in salary alone (yet alone the tax savings), they get a quality younger wing for their bench in Warren who can actually help them next year, and a better PG prospect in Ullis then they have in Felder. They also would still have Bender as a potential trade chip (maybe you swap Bender for Okafor straight up or something like that or find a team that likes the promise of Bender and get a veteran).
So with that altered trade the Cavs would be (cutting Felder and Tavares)
PG - Bledsoe, Rose, Calderon, Ullis
SG - Smith, Korver
SF - James, Warren, Jefferson, Osman
PF - Love, Green, Bender
C - Thompson, Frye
Not as good as their team is now, but probably not a bad return for a player demanding a trade.