If McCaw is cut before January 7, the club won't be on the hook for his pro-rated $3-million salary, allowing the 23-year-old to become an unrestricted free agent.
The Warriors declined to match the Cavaliers two-year, $6 million offer sheet for the 23-year-old guard, according to a report from ESPN, which cites unidentified league sources.
McCaw played in 57 games for the Warriors a year ago, making 10 starts. The contract is fully non-guaranteed.
The team that drafted him, won two Finals with him on the roster and wanted him back this season, on a two-year, $5.2 million contract, with rotation minutes his for the taking.
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McCaw, 23, averaged 4.0 points, 1.4 rebounds and 1.4 assists in 57 games last season, his second in the National Basketball Association.
McCaw never reported to training camp during the offseason, apparently holding out in the hopes that another team would offer him more than the Warriors' $1.7 million qualifying offer. No word from the Warriors yet, but we should expect something from Golden State.