McCaw hasn't played a game this year but he will be able to soon. The deadline to sign with the Warriors to a two-year, $5 million deal was on October 1st. McCaw let the deadline pass after letting the Warriors know he wasn't going to sign the offer-sheet.
As it stands now, I doubt the Warriors will sign McCaw. The first reason is that the Warriors don't have the luxury to spend money like other teams. Even a million more is a million too much.
The second reason is that McCaw has lost favoritism with the Warriors. I doubt they want to bring him back after all that has happened. He has shown displeasure of wanting to play for the Warriors for the value they gave him. Retaining him would cause drama to slip into the locker-room.
This is an interesting move by the Cavs. They have a bunch of guards and adding one more seems over the top. But McCaw is a great defender and he has a lot of potential. The Cavs believe that they can unlock some of that potential.
Whether the Warriors match the offer or not, it will be nice to see McCaw play basketball again.