If McGee had signed the proposed deal, chances are he already would be off the team because the C's wouldn't have wanted to keep him on the payroll(like Babb and Pressey it would have been a non-guaranteed contract this year) and the additions of Lee and Johnson would have made him very expendable.
Also, he's a mental midget and most likely would have soured those in control of this franchise. Kid has no drive, no ambition, no heart and bad health. He saved the team some money last year by being a moron and not taking that deal