The Warriors, who are well over the salary cap, would be hit with an additional $11.3 million in luxury tax should they retain McCaw, according to ESPN's Bobby Marks.
A person familiar with the terms told The Associated Press that the Cavs' offer to McCaw was for two years and $6 million. Chris Haynes of Yahoo Sports says Golden State is expected to match any offer he received.
McCaw has held out this season and stayed away from Golden State in an attempt to secure a contract of his liking or in hopes that the Warriors would renounce him, allowing him to sign with any team without restriction.
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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.
According to a report, the Warriors are waiting for the electronic arrival of the signed offer sheet before they decide whether or not they will match Cleveland's offer. No word from the Warriors yet, but we should expect something from Golden State. The Warriors must determine whether McCaw is a valuable piece moving forward or if someone like Alfonzo McKinnie (5.6 points, 46.9 percent shooting, 38.5 percent 3-point shooting) can fill that spot.