A few things:
1. People need to stop mentioning Wiggins in the same breath as Scottie Pippen. Wiggins is 19-years-old. In a perfect world, he goes back to Kansas for another 2-3 years and learns how to play the game. He's not ready to be a major impact player anytime soon. Did you watch the NBA finals? Everybody on the court for the Spurs could shoot and pass. Wiggins can currently do neither of those things. Defensively speaking, he has enormous potential, and my guess is he'll be good on that end immediately, but being a great defender in the NBA takes a lot more than athleticism and people who think he's going to be this elite, shutdown guy right away might need to reel in their expectations.
2. Kevin Love isn't the answer to all of Cleveland's problems, either. Between Waiters, James, Irving, and whoever else they manage to get production out of, Cleveland has plenty of offensive firepower. Their problem was, and will continue to be even with the addition of James, defense. Irving is an atrocious defensive player, Waiters is below average, and if you bring in Love, now 60% of your starting lineup can be qualified as either a massive liability or merely below average. James has been a phenomenal defensive player for the majority of his career, and still can be when engaged, but he has a lot of mileage on his body now and I'm not sure if he's capable anymore of single-handedly transforming a defense. I suppose it's possible that with Love, Irving, and LeBron - three of the very best offensive players in the game who can attack you in a multitude of ways - they'll be dominant enough offensively to overcome any of these concerns. But there isn't much precedent for mediocre defensive teams winning titles.
3. If I'm Cleveland, I wait it out. Their primary organizational goal right now should be extending LeBron's window of dominance as long as they possibly can. If that means easing his burden by allowing Irving to be a primary facilitator, Wiggins to defend the opposition's best perimeter player, and Waiters to carry second units, then I think that's what they have to do. In the meantime, they should be floating their abundance of assets - Waiters, Thompson, Bennett, Zeller, their future picks - in an effort to acquire cheap, affordable role players who complement LeBron and can help them on both ends. There are some big holes here, but Cleveland has enough ammo in any trade discussions - even without the inclusion of Wiggins - to patch them up.