McCoy rushed for 2,816 yards and 35 touchdowns in two seasons at Pitt, which was 9-4 in 2008.
The rising young star said he was treated "with respect, class and consideration" at the university but after "frequently playing both choices in my mind" -- staying with the team or trying for the NFL -- he decided to pursue a pro career.
"When I signed with Pitt out of prep school, I didn't know what to expect," McCoy said. "I just knew in my heart that God had given me a second chance. As a result of a season-ending injury my senior year, I learned a humbling lesson. Nothing is promised to us and it can all be taken away in a moment."