McCoy, who provides insurance behind the dynamic but injury prone Brian Westbrook, was chosen No. 53 overall. He's the first second-round pick to sign.
McCoy, who played at the University of Pittsburgh, rushed for 2,816 yards and 35 touchdowns while adding 65 receptions for 549 yards in two seasons. He ran for 1,488 yards and 21 touchdowns last year.
He was twice selected first-team All-Big East, using his unique combination of power and speed to pace the Panthers' attack.
The Assciated Press contributed to this report.