Report: Pat McCaw will reject Warriors two-year contract offer

This story is turning into quite a roller-coaster. Patrick McCaw’s qualifying offer is set to expire tonight, at 11:59 eastern time on October 1. But while the qualifying offer is only for one year and $1.7 million, it has been reported that the Golden State Warriors have offered McCaw a two-year deal worth $4 million.

But it’s not looking like that will get the job done. According to a report from ESPN’s Marc Spears, McCaw will reject the deal today, continuing his long-standing free agency saga.

It’s unclear what will happen from here. With the qualifying offer expiring, the Warriors still hold the rights to first refusal. Other teams can sign him to an offer sheet as long as it is for at least two years, but the Warriors can match any such contract.

Presumably, the two-year deal will remain on the table, should McCaw want it. But at this point, it’s very unclear what is going on. It would seem that either McCaw doesn’t want to play for the Warriors, and is trying to force his way out, or he is making a risky bet on some team - be it the Warriors or another team - getting desperate at the 11th hour.

If McCaw does want out, or the Warriors don’t want to wait any longer, they can waive the right of first refusal, making McCaw an unrestricted free agent.

UPDATE: The deal is actually two-years, $5 million, with the second year being non-guaranteed.

UPDATE #2: The situation is beginning to turn a little ugly it would appear.