McCaw cleared waivers on Wednesday afternoon, sources said. He began the season under control by the Golden State Warriors but was signed by the Cavaliers to a two-year, $6 million non-guaranteed offer sheet on December 28.
The NBA is reportedly investigating the Cavs for signing and waiving McCaw, and could ultimately punish the team by taking away a first-round draft pick. The NBA had examined the two-year, $6 million offer sheet closely prior to approving it, league sources said, but found no reason to disallow it.
On Sunday, the Cavs waived McCaw after three games in Cleveland ahead of a deadline that would have guaranteed his contract.
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According to ESPN's Adrian Wojnarowski, McCaw will sign a deal with the Raptors following his release from the Cleveland Cavaliers. After passing on the Golden State Warriors' qualifying offer this summer, McCaw found it hard to find another offer.
McCaw's path to Toronto is an interesting one. Matching the McCaw offer sheet would've elevated the Warriors luxury tax bill $11.3 million to $61.6 million.
McCaw showed flashes in a limited role for the Warriors in his first two seasons and is yet another young wing with plenty of length for the Raptors to add to their deep rotation. However, he only ended up playing three games with the Cavaliers, who waived him before that deal would become fully guaranteed.
The UNLV product was selected in the second round of the 2016 NBA Draft.