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It's awful news for a Cavs team that was the runaway favorite in the Eastern Conference before the injury.
Part of the Cavs' statement:
Evaluation and imaging have defined the extent of the injury: an acute anterior inferior glenohumeral dislocation with the corresponding ligament/labrum tearing and humeral head bone bruising. Currently, Love is undergoing training room treatments while additional opinions are being obtained and treatment options being explored. Love will be unavailable for the Cavaliers' upcoming Conference Semifinal playoff series and an update regarding his status beyond that will be determined over the next several days.
Love says Kelly Olynyk of the Celtics injured him on purpose, calling it a "bush league" play.
Here's the play again: