Dunno if I like it very much. Changing the sword to a real one makes it look like stealing? The logo itself, I believe, makes it stealing enough, IMO. Not to criticize your idea, but the basketball and a sword through it is already done.
We're "real cavs fans," right? We appreciate past, present, and future...
Instead of spinning off the current logo, why not incorporate past logos and try to combine them into one? Everyone loves the oldschool hoop & basket in the Price era. There are certainly other parts of Cavs history that are significant. To start, why not have the sword through the ball that's going through the hoop, scaled down a bit to a reasonable size? Have the cavalier guy from the 70's pointing at it from the corner. Dunno, just an idea, I might have time to work on something along the lines of that. But it needs to be something that's separated from the Cavs logos, but connected at the same time.