The way I see it now, only two things happen for Cleveland.
1. Lebron leaves them and they KEEP the pick (#8)
2. Cavaliers trade the pick + pieces to acquire another star to pair with Lebron (and Love?)
I don't think there's a scenario where they keep Lebron AND the pick. Don't think Bron Bron wants to bring in a young prospect when he wants to "win now". He'll want that pick traded for some star.
OR... if CLE wins it all, then maybe it doesn't matter lol