Kevin Love is backpedaling after mocking Chauncey Billups and Terry Rozier'sarrests ... saying after having a conversation with Damian Lillard, he now understands it's not a laughing matter.
Love -- who currently plays for the Utah Jazz -- shared his immediate reaction to the bombshell news in an Instagram post on Thursday ... shortly after the FBI arrested the Trail Blazers coach and Miami Heat guard in a gambling scandal.
He published an edited image of Billups and Rozier's faces onto the infamous "Coldplay couple" that was caught being cuddly on camera at a concert with a caption that read "NO (Draft) KINGS!