Significant GPA drop first semester of senior year. Possible rescission?

Most of the UCs historically were explicit about what your senior year grades and GPA have to be (historically often 3.0 with no D or F grades, though UCSC has sometimes given more vague conditions like maintaining your previous academic performance). Read your admission offer carefully to see what the conditions are.

http://talk.qa.collegeconfidential.com/college-admissions/2122350-faq-rescission-of-admission-offers.html has some more general information on rescission of admission.