I am not thrilled with the news cause he can definitely still have his moments. However, as other posters have mentioned he is really old and his defense has really fallen off. Also, the Cavs are definitely the far likeliest team in the NBA to be crippled by injuries this year. These are the actual ages of players expected to be in their rotation (what they are or turn during season)
James (33)
Jae Crowder (28)
Wade (36)
Korver (37)
Rose (29) <--- 'most washed up 29 year old in world?
Jr Smith (32)
IT (if healthy) - (29)
Jefferson (37)
Thompson (26)
Love (29)
Jeff Green (31)
Note: I didn't include some other guys both really old (Frye, Calderon) or young (Zizic, Shumpert) cause I don't know where their minutes are coming from.
The only guys you can really classify as young and not an injury risk are Thompson, Crowder and Love. Rose and IT are not standard late 20's players right now. Also, if the Cavs cut Felder I think they have a chance to set record as NBA's oldest team in history but depends on a few of their other camp moves (Knicks set record like 4 years ago on the team Rasheed Wallace was on).