I don't think he waives his no trade, but if he were to waive it, it would be to go to a team that can compete for a title and that realistically couldn't sign him in the summer unless they moved all of the players they acquired James with anyway. So that would mean Houston or San Antonio. Houston would be difficult to find a trade that would make sense for Cleveland (Anderson, Capela, and Ariza is no where near enough). San Antonio though could work, as they have some decent young players, their draft picks, and enough salary that they could take back a crappy contracts from Cleveland. Something like this might make sense for both teams (this assumes James picks up his player option for next year so SAS gets 1.5 seasons at least from him).
James, Smith, Korver, Wade, Rose, Calderon
for
Gasol, Parker, Green, Gay, Anderson, Murray, SAS 2018 1st, SAS protected 2020 1st
Obviously it wouldn't have to be that big, but that trade makes a great deal of sense for both teams. Cavs shave 5 million off this year's payroll, pick up some nice young players in Anderson and Murray, and still have a pretty decent squad around Love and Thomas (I don't think they would want to tank especially at this point of the season when a tank wouldn't do as much good). Spurs add James to Leonard and Aldridge, while picking up enough depth to supplement Mills, Manu, and the remaining younger Spurs guys.