I don't think Cleveland would want to give up Varejao for one year of Jefferson. Financials aren't a concern here.
I've been an advocate of trading with Cleveland for their assets, admittedly minor assets. Get Sacramento's pick (too far protected to be usable for a few years), and the Lakers' pick and maybe Cleveland's pick with some protection if Cleveland wants to try to compete with both Varejao and Jefferson. Eat Walton's expiring. Still saves Jazz money and gives them more assets to play with.