Any such decision would have robbed McCaw of the chance to end his glittering international career by leading New Zealand out against the Wallabies at Twickenham on Sunday.
But slow-motion footage of the incident made it clear the contact was with McCaw's hip and was accidental.
Earlier today All Blacks coach Steve Hansen defended his captain, saying the scrutiny was a "mark of respect" for a player who rival teams struggled to cope with.
"He's a man that draws a lot of attention because he's a great player, probably the greatest player certainly to play for the All Blacks, maybe even in the history of the game," Hansen said at a press conference at the Oatland's Park Hotel the day after the draining semifinal win.
"So if he's not in your team, then he's a pain in the rear end."
The incident was seized upon as evidence by the British press, at last, that McCaw was a dirty player and a cheat.
While that was "dumb", Hansen said there was "nothing" in the so-called elbow incident and cited the frenzy as another example of the media trying to get under the skin of the All Blacks.
"You can't get him on the track, so let's get him off the track," Hansen said of the tactic of targeting McCaw.
"There are some people who are a bit bitter and twisted about him but 99 per cent of the people in rugby, while he's not playing against them, like him."
Hansen said the scrutiny of McCaw had reached the point where it was the norm, that if he didn't get some media attention post-match then then he must be playing poorly.
"So he'll take it in his stride...I think it was kicked off by social media and I'm not a big fan of social media.
"It's like people complaining about the haka...they come in pairs."
