His cap hold will be $7.16M; and AFAIK it does not increase if he signs an offer sheet.
But the Cavs will be $14M over the tax line before re-signing Hood, and thus roughly $8M over the apron. So for us to do a S&T, we'd need to end up at $130M in salary and could not exceed it for the year since we'd be hard-capped. This means we could not use Hood's Bird Rights to match an offer sheet to exceed the apron.
So, it's kind of a moot point as to the logistics of him receiving an offer sheet since, no matter what, the Cavs would need to end up below the apron post-S&T (and remain there for the season).
The only two players I can think we'd do something like this for would be Paul George or CP3. Given how well the Rockets are playing, I can't see CP3 getting traded. But George, that's a possibility. If he tells OKC he's going to LA, it would make sense for them to trade him to Cleveland (for whatever assets they can get).
Either way, we'd almost assuredly need to send out two of JR Smith, Tristan Thompson, and/or George Hill if we were keeping Kevin Love in such a deal, and it'd make no sense to trade Love for George in an S&T.