My friend told me this morning that the the Melo to Clippers talks are, as of right now, completely dead (doesn't mean they can't be rekindled, though) and that Cleveland is the only destination that he thinks even has a chance of happening. However, even the Melo to Cleveland stuff looks a lot less likely today than it did a week ago. Melo is most likely to stay put. However, Melo's camp has softened on their trade kicker stance, and would consider waiving it, preferably partially though, if Melo felt the trade the Knicks bring to the table was acceptable. Also, Dolan has taken a step back after the Oakley debacle, and has left the decision on Melo completely up to Phil Jackson.
My opinion below the line
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It sounded like the Knicks have given up on the Kevin Love stuff. They know the Cleveland package would be based around Shumpert and Frye. It's part of the reason they don't think a trade will be made, because Shumpert would be the centerpiece of the trade, and while the Knicks might take a player that has equivalent value to Shumpert, they will absolutely not entertain just taking Shumpert, they have Courtney Lee, his contract is too long for them even though its not a bad deal, and they traded him to us for a reason...Phil is not a huge fan. I actually don't think they would mind having Frye on the team for a year though. They like him playing next to AND backing up Porzingis, and they think they could get an asset back for him.
So if the Cavs find a team willing to give them something for Shumpert that the Knicks are interested in, I think the Knicks would take a long, hard look at the deal. I think they may try to get Cedi, or our 2021 pick, or both....but i'm not sure if the Cavs would be willing to include either of those things. Maybe a 2021 1st with long-term lottery protection...maybe...
Because Phil really does want to move on from Carmelo, and there's no guarantee the offers are going to get better this summer, they very well could get worse, the NTC is not going away, Melo is picking his new team regardless, and the older Melo gets, especially if he gets injured again or takes another drop in efficiency..
TL;DR I think there's a small chance we get Melo and only lose Shumpert and Frye out of our main rotation. I think there is no chance of any trade involving Love. That trade would be too hard and the Knicks at the end of the day, are trying to rebuild, and giving up young assets that the Cavs would require to get Love to put on a team that simply is years away from being ready really just does not make sense.