Although the club did not divulge terms of the deal, the NFL Network's Ian Rapoport reported that the contract is worth "up to $7 million" with "void and buyback provisions" that would allow the team or McCoy to walk away from the deal with little to no risk.
"Why? Cause Colt's a great player to have here," Washington head coach Jay Gruden told reporters Friday. "He's a great backup quarterback, he's a great quarterback in general and if something happens to Alex (Smith) -- knock on wood -- I know that our team is in good hands and that position, you don't want to mess around with."
McCoy has been Washington's backup quarterback since 2014.
For his career, McCoy has a 60.3 completion percentage for 5,586 yards, 25 touchdowns, 23 interceptions and a 78.9 quarterback rating. He was drafted in 2010 by the Cleveland Browns, where he played three seasons before playing one season for the San Francisco 49ers prior to joining the Redskins.