With Friday's news breaking that LeBron James is opting out of his contract with the Cleveland Cavaliers, the immediate question becomes, "where will James go?" All eyes will be on him as NBA fans, teams and players await the announcement of the year. The second question becomes, "What will Cleveland do now?"

While re-signing a new contract with the Cavs is still technically an option, the optics of that happening seem less and less likely every day. James moving on to one of the teams on his rumored shortlist — the Los Angeles Lakers, Philadelphia 76ers or Houston Rocket— is more realistic. If so, this will be the second—and last— time the Cavs are left by James.

Should the 2017-18 run to the NBA Finals— only to fall short— be the end of James' legacy in Cleveland, the franchise has some major work to do. And here are the most likely options.

RELATED: BREAKING— LEBRON JAMES OPTS OUT OF CAVALIERS CONTRACT

Try To Offer James A New Deal

via Los Angeles Times

The first thing the Cavs should do is try to offer James one final deal to keep him in Cleveland. If the $35.6 million he was set to make in 2018-19 is not enough, give him more. If he wants to restructure his deal so the Cavs can add news pieces, do it. Losing LeBron will be devastating so if the Cavs can make one final pitch to keep him, they should try to do so.

It's hard to know if LeBron leaving Cleveland is about the team, the money or exploring something different, but it's imperative the franchise finds out. If it's about the team, ensure he has the ability to call the shots and get the players he wants around him.

Keep Kevin Love

It has been rumored that, regardless of what LeBron James decides to do, the Cavs will keep Kevin Love instead of trading him. While he didn't perform all that well in the playoffs, Love was the team's second-best option all year and they'll need him to play with whatever free agent they can grab to try and make up for the loss of James.

Perhaps Love and one or two new acquisitions could be enough to keep the Cavs from falling completely to the basement of the NBA like they did the last time James left the organization.

RELATED: CAVALIERS CLEARING SPACE FOR TWO BIG NAMES

Spend Some Money In Free Agency

via ClutchPoints

If James is leaving, the Cavs all of a sudden have boatloads of money available in free agency. They should spend it.

Losing James exponentially decreases their likelihood of winning an NBA Championship, but in the Eastern Conference, it won't take as much to be competitive. There are big names available like DeMarcus Cousins, Aaron Gordon, and Derrick Favors, just to name a few. Some of these players are looking for opportunities to be more productive on offense and if there's one thing the Cavs have now, it's an opportunity to let someone come in and show how good they really are.

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Go After Kawhi Leonard

Rumors are the Spurs have finally settled into the idea of moving Kawhi Leonard, but if they can help it, they don't want to move him to a team in the West, especially the Lakers. There's no real chance Leonard stays in Cleveland past next year but the Cavs could put the pieces together to acquire Leonard then flip him to LA.

The Cavs would get a better deal on the dollar for Kawhi than the Lakers will who will have to overpay to acquire him. It's a long shot but perhaps there's an option there. And, should the Cavs choose not to flip him, maybe LeBron sees Kawhi in Cleveland and decides to stay after all.

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Rebuilding the Cavs Might Be Quickest Way Back

And, if all else fails, the Cavs should consider rebuilding.

Most of the team is role-playing vets so the team—if they don't add via free agency— will be destined to finish in the middle of the pack at best. If they choose to rebuild, they could stockpile draft picks quickly and the turnaround to becoming a contender in the Eastern Conference might actually be quicker.

NEXT: LEBRON JAMES & KEVIN DURANT DISCUSS JOINING LAKERS TOGETHER