JANUARY 10: Patrick McCaw has officially signed his one-year contract with the Raptors, according to the NBA’s transactions log. McCaw was waived by the Cavaliers on Monday, allowing him to enter unrestricted free agency and sign with any team.
JANUARY 9: Shooting guard Patrick McCaw will sign with the Raptors, tweets ESPN’s Adrian Wojnarowski. McCaw, who cleared waivers today, will receive a one-year deal worth $786K, the pro-rated amount of the veterans’ minimum, according to Shams Charania of The Athletic (Twitter link).
The signing will end an eventful two-week odyssey for McCaw that will eventually leave him right where he started. Because he is set to sign a one-year contract, he will become a restricted free agent again at the end of the season if the Raptors submit a qualifying offer, and the team will be able to match any offer he receives.
McCaw had been waiting for a contract since July, but nothing materialized until December 28 when the Cavaliers signed him to a non-guaranteed offer sheet worth $6MM over two years. The Warriors elected not to match, sending him to Cleveland, but only for a few days. The Cavs waived McCaw on Sunday, paying him about $323K for his brief stay with the team.
McCaw spent his first two NBA seasons with Golden State, but turned down a qualifying offer from the team over the summer and a subsequent two-year, $5.2MM offer with only a guarantee on the first year. That still would have paid him substantially more than he will make in about a half season with the Cavs and Raptors. McCaw explained that he didn’t want to re-sign with the Warriors because he was seeking “a new opportunity.”
The NBA plans to review the unusual way that Cleveland handled the McCaw situation. There are accusations that the Cavaliers circumvented the salary cap, signing McCaw only so he could have a path toward unrestricted free agency with no intention of keeping him. The franchise faces fines or a loss of draft picks if the league determines something inappropriate happened. McCaw played just three games during his time in Cleveland, averaging 1.7 PPG.
The expected signing will bring Toronto back to the league minimum of 14 players and increase the team’s projected luxury tax bill by $2.56MM to $34.74MM, according to ESPN’s Bobby Marks (Twitter link). The bill was at $34.5MM before Lorenzo Brown was waived on Monday.