Pretty sure Cleveland isn't an option for Love next year as a free agent, as I don't think the Cavs will have the room to give him a big contract. Unless they trade away some players to gain cap space. Which then brings us back to them potentially trading for him now.
Wiggins is widely regarded as the best prospect since James. I don't think people expect him to be James, but perhaps a slight notch below-- Kevin Durant, Tracy McGrady in his prime, a healthy Grant Hill at his best, etc.
Of course that's all unknown right now. Maybe he's simply the next Darius Miles. But if he's as good as people believe he will be, then he'd be one of the few people out there actually better than Kevin Love (and that is a minuscule list).
If Cleveland were to trade Wiggins, I'd offer him and next to nothing else. But I'd push for Waiters, Bennett, picks, or trying to bring in a 3 rd team to help facilitate the move.