The Giants placed McGee on unconditional release waivers Thursday, Maria I. Guardado of MLB.com reports.
With no team willing to foot the bill on the money remaining on the two-year, $5 million deal McGee signed in February 2021, the Giants will cut ties with the veteran lefty, who was designated for assignment last week. McGee opened the season in a high-leverage role and secured three saves and four holds across his 24 appearances for San Francisco, but he fell out of favor after surrendering six runs on nine hits and a walk in 3.1 innings over his final four outings. McGee should attract interest on the open market, but he'll likely have trouble finding a fantasy-friendly role with his next team.