Two months after taking the job, Smith emphasized that a contract extension for the 2013 first-team All-Pro is a top priority of the offseason.
The organization has now opened negotiations with McCoy's camp, reports Rick Stroud of the Tampa Bay Times.
McCoy is scheduled to earn roughly $15 million in the final year of his rookie contract. A new deal would ostensibly lower his salary cap number for this season.
It will be interesting to see if McCoy waits for Ndamukong Suh to sign a new deal in Detroit and set the new three-technique defensive tackle market. Both players will top the the five-year, $55 million deal signed by Geno Atkins last September.
There's a strong argument to be made that McCoy has also been the better player to date.