McCloughan has a very good eye for talent. His ability to read the board and project which players will rise or slide is acknowledged by other teams throughout the league. He'll be missed in the San Francisco draft room, should it come down to that.
In 1999 Mike Holmgren took McCloughan with him to Seattle to become the Seahawks' director of college scouting. A year later, Holmgren hired Thompson to run his personnel department, and from 2000 through 2004, McCloughan worked closely with Thompson on the Seahawks' drafts.
When the Packers hired Thompson as GM in 2005, he wanted to bring McCloughan with him, but the 49ers hired McCloughan that same offseason to run their personnel department.
If McCloughan is out of work, there's a good chance Thompson will be interested in bringing him back to the Packers, though Cleveland and Seattle are just as likely landing spots also.
While the Packers recently lost John Schneider to Seattle, they still have Reggie McKenzie running the personnel department and John Dorsey as the director of college scouting, and I can't complain about the job those two have done in recent years. Bringing in McCloughan seems like having too many cooks in the kitchen. Though if Thompson wants it, then Greg Bedard expects hiring McCloughan would be done.