I think this is too rich for the Cavs. They are in the repeater tax and that is adding a ton of money on the books when they have signaled some desire to shed salary. Plus Favors makes no sense with TT in place. Redundant skill sets, they need perimeter defenders who can also shoot.
I still think a 4-way trade like this makes more sense (while ofc the likelihood of anything happening are small in 4-way trades):
http://www.espn.com/nba/tradeMachine?tradeId=y92w8dt2
Cavs get depth and perimeter defenders they need to contend with GSW. They do add salary which contradicts what I said earlier, but I think it's less than your trades.
NYK gets Favors to pair with Melo (all 3 of the other dudes are non-guaranteed). I think they would also get a pick from Utah?
Houston gets the star power they desire with Melo. I also threw in Shumpert to make up for the loss of Ariza.
Utah gets Love.