According to Ryan Dunleavy of the New York Post, McCoy's deal will be for one year and $2.25 million. The pact reportedly includes $1.5 million guaranteed money and could max out at $3 million.
McCoy will back up 2019 first-round pick Daniel Jones in the Big Apple. The 33-year-old made one appearance for the Washington Redskins last season, going 18-of-27 passing for 122 yards and an interception.
New York needed to add another quarterback this offseason following the retirement of Eli Manning. Alex Tanney was the only other player at the position.
Jameis Winston remains unsigned, while the Denver Broncos announced they plan to release Joe Flacco after he failed a physical. The Giants needed to steer clear of signing somebody who might have looked like competition—real or perceived—for Jones.
The franchise hitched its wagons to the former Duke star when it benched Manning in September. He appeared in 13 games, throwing for 3,027 yards, 24 touchdowns and 12 interceptions.
Football Outsiders ranked Jones 31st in DYAR (defense-adjusted yards above replacement) among 34 quarterbacks with at least 200 attempts, but it's far too early to make any firm judgments about his long-term potential.
McCoy wouldn't inspire much confidence among Giants fans if he were to take over, but he's an experienced signal-caller who provides the necessary depth heading into 2020.