McCabe was born in St. Catharines, Ontario, but his family moved to Calgary at a young age and he played most of his minor hockey in the Calgary area.

The New York Islanders selected McCabe in the second round (No. 40) of the 1993 Draft after he had 57 assists and 60 points in his second season in the Western Hockey League. The defenseman averaged more than a point per game while playing two more seasons in the WHL. He also helped Canada win the IIHF World Junior Championship in 1994 and 1995.

McCabe made the rebuilding Islanders at training camp in 1995 and didn't miss a game until he was traded to the Vancouver Canucks on Feb. 6, 1998. The Canucks traded him to the Chicago Blackhawks on June 25, 1999, and the Blackhawks sent him to the Toronto Maple Leafs on Oct. 2, 2000.

The trade to Toronto was a turning point in McCabe's NHL career; he responded to increased ice time, especially on the power play, with the best offensive numbers of his career.

McCabe scored 17 goals in 2001-02, was named an NHL Second-Team All-Star in 2003-04 when he scored 16 goals and 53 points, then set NHL career highs in 2005-06 with 19 goals and 68 points, finishing third in scoring behind future Hockey Hall of Famers Nicklas Lidstrom of the Detroit Red Wings and Sergei Zubov of the Dallas Stars.

However, McCabe dropped to five goals and 23 points in 54 games in 2007-08, and the Maple Leafs traded him to the Florida Panthers on Sept. 2, 2008. He was named captain of the Panthers on Sept. 23, 2009, and played his 1,000th NHL game on Nov. 6, 2009.

The Panthers traded McCabe to the New York Rangers on Feb. 26, 2011, and he retired after the 2010-11 season with 528 points (145 goals, 383 assists) in 1,135 NHL games, as well as 28 points (10 goals, 18 assists) in 56 Stanley Cup Playoff games.

McCabe stayed with the Panthers for several years after his retirement, working in player development.