The move does not preclude McCoy from re-signing with the Cowboys in the future but under terms of a new contract.
There was an injury waiver as part of the agreement on the three-year, $18 million deal McCoy signed as a free agent in March that would negate the contract going forward because of chronic tendinitis in his right knee/quadriceps.
McCoy will be allowed to keep his $3 million signing bonus, but his $2.5 million base salary comes off the books, as does the $750,000 in roster bonuses. He was scheduled to make $5 million in 2021, with $1.5 million guaranteed at time of signing, and another $5.25 million in 2022 with $750,000 in roster bonuses each season.
Earlier Tuesday, Cowboys coach Mike McCarthy said he anticipates McCoy will continue to be around the team as he rehabs.
“Actually Gerald, that was part of our conversation, he expressed not only a desire to be here and be part of what we’ve started here,” McCarthy said. “Obviously he’s very comfortable and this is where he wants to be. That’s exactly what he communicated to me.”
The roster move came one day after McCoy tore his right quadriceps in practice, an injury that required the surgery. McCoy, 32, also indicated to ESPN’s Ed Werder in a text message Monday that he planned to maintain a leadership role with the Cowboys.
“I will remain the mentor I am to the young guys and do my part to make sure that this team goes where it needs to,” McCoy told Werder in the text.