He's Free Agent, a restricted one at that. That makes him worthless to us on the trade market as no-one will need to trade to get him. Another club might make him an offer, we will or won't match it and he stays or walks. If we did match the offer, then we could trade if he still wanted out.
The chances of this happening are pretty remote. I can't see two clubs getting into a Mexican Stand-off over McGuane's services. No doubt they would use the time to go to the pub and share a beer together while reminiscing on past glories, rather than squabble over who gets to give him a basic contract plus $20K.
If we pick up even one other FA, say Chaplin, then Chaplin will be considered the compensation for losing McG if he walks and there won't be a compo pick either. It doesn't matter how he leaves the club then, whether it be under FA or through delisting, it will be without compensation.