The truth is that it is difficult to settle this argument, because there is little evidence around about it. McGraph initially came on a short term contract. He impressed Spackman and was offerred a one year deal after 5 games in October. He played another 7 games before getting injured and then never playing again. He officially retired in April. So perhaps there is something in alco's suggestion. As his last game was early to mid November then that could mean that there was 5 months that we paid him for essentially nothing. So this 'raping' that alco talks of is presumably for this 5 month period.
It is not as clear as that though. McGraph officially retired in April. This was around the time of his testimonial. The question is did he speak to Spackman before? Did his contract get terminated beforehand or did he 'bleed' us. He may have actually thought he may play again, but gave up the ghost in the mean time. He had another knee operation during this time and perhaps this influenced things. In his autobiography he states he went to Spckers and said, my knees are fooked, I'm all over the place etc and asked for his contract to be terminated. Could be bollocks, but why would he lie? The rest of his account is brutally honest. I guess the other question is when did he speak to Spackman? Was it November/December? In which case he did not rape us. Or was it in April? In which case he did get 5 months of a salary for very little. Regardless of which, his contract was until October 1998 and he quit in April. Hence he did not rape us as much as he could have, as he could have bled another 6 months out of his contract.
But then we don't know on what terms his contract was terminated. Usually, a contract is terminated around a financial settlement. Player says, "you will pay me (say) a total of £200K up until the end of the season 6 months hence, however I will agree to terminate my contract if you pay me a lump sum of £150K now". It may be that McGrath agreed to just walk away without any kind of financial settlement but in the absence of clear evidence I would think that highly unlikely.