It's important to note that the Warriors can match any offer sheet McCaw receives from another team, so the move isn't finalized just yet. He then rejected the contracts that the Warriors offered him, sending a message to the team that he wished to play elsewhere.
The Cavaliers or Warriors could waive McCaw before January 7 and not be responsible for paying the remainder of his contract. Though previous reports have indicated Golden State's desire to match, a two-year offer probably makes that less likely. The Warriors essentially replaced McCaw's minutes in the rotation with Alfonzo McKinnie, who they signed just before the season when they were unable to come to terms with McCaw. The Cavaliers will get the opportunity to watch McCaw, a 23-year-old forward, for the rest of the season before deciding whether to guarantee the second year of his deal. Per ESPN's Bobby Marks, keeping McCaw would cost Golden State $11.3 million in luxury tax.
He averaged four points, 1.4 rebounds and 1.4 assists in 57 games last season.