The trade deadline yielded LeBron a proper running mate in Antawn Jamison while holding onto their young talented forward JJ Hickson. Then, thanks to a loophole that David Stern will squash in the next Collective Bargaining Agreement, the Wizards waived Zydrunas Ilgauskas, the center piece (pun intended) of the Jamison trade and he returned to Cleveland. To summarize, the Cavs acquired an all-star willing to play second fiddle to Lebron for Nothing AND they retained their biggest trade chip to package this summer and obtain more talent.
You would think this would shift the odds further in Cleveland's favor, but the Vegas Sharps would disagree. The Cavs are no longer 1:3 favorites and the Knicks are no longer 3 to 1; both bets have changed with $100 bet on the Knicks now paying only $175.

Vegas always seems to have some inside information and with these odds moving steadily away from Cleveland, it's just another reason for Cavs fans to be concerned he'll be hanging more with A-Rod and Co. next year.
Cavaliers -250
Knicks +175
Field (Any Other Team)+500
Nets +3000
Pistons +5000