I guess Love likes Cleveland, then. If he's content with the one ring he has, then this seems like a good move for him. Getting paid good money, playing in a city he likes, with a chance to be the #1 option again (and given the state of the Eastern Conference, maybe improve his image a bit by pulling a bad team to the playoffs. He won't be vontending, but if he's happy with one ring then that isn't a big deal
A bit more questionable for Cleveland, although if they're happy to be a borderline playoff team for the next few years instead of tanking then they locked in a star for the next 5 years