The Cavs will protect themselves and give Williams a second ten-day.
Anything can happen in the NBA. If he gets hurt on a ten day, no harm, no foul. If he gets hurt on a rest of the year deal, that's gonna ding Gilberts pockets a lot worse because we will have no choice but to waive him(deadline will be over, etc) and fill the roster spot.
I also think overall, it's probably slightly cheaper for them to do a 2nd ten day.
And there's always the chance that after the break/watching some tape, the league adjusts to Williams, and he reverts to "Bad D-Will". Again, way easier and cheaper to cut bait on a ten day at this point. (Now, I don't think this will happen, I really think Williams is going to keep playing the way he's been playing on his first 10 day for the rest of the year...but just a hypothetical)
And of course, always a chance that the trade deadline/buy-out market ends up going insane and unforseen quality players end up available.
Just for argument sake, say Dallas buys out Deron and Bogut and Chicago buys out Wade and they all want to come here...I know...not happening...but for the sake of argument... We basically have 3 roster spots that are not 100% locked in, IMO. Derrick's spot, our open spot and McRae's spot. But if there's only 3 spots, and Bogut, Deron, and Wade want all 3....well, that would be rough for Derrick. If that were to magically happen, I would still seriously think about waiving Liggins for D-Will. Unfortunately, I don't think that will be a problem, but was just giving an example of a situation.
Ultimately, I think the Cavs will sign D-Will to a 2nd ten day, and then eventually sign him for the year. We will use a trade exception to acquire a big. We will give McRae away for free, and then we will sign the best PG on the market after the March 1st buy-out deadline. If no buy-outs of need occur, then I think it will be Chalmers or Jordan Farmar in that last spot
Kyrie/Buyout/Liggins
JR/Korver-Shump
Bron/Shump-Korver/RJ
Love/Williams/TRADE
TT/Frye/TRADE
I'll go to war with that team.