McCoy, a sophomore who is draft-eligible because he attended a prep school, told the newspaper he's not ready for the rigors of pro football and enjoys the college life. Pittsburgh plays its final regular-season home game Friday against West Virginia.
"Everyone keeps trying to push that idea, that this is my last game at Heinz Field. I'm not going anywhere," McCoy told the Pittsburgh Post-Gazette on Tuesday before word of his decision spread. "There is a lot of stuff I have to prove and the thing is, I don't think I've done enough here at this university and there is a lot of stuff I have to achieve here.
"It is something I want to squash and get it over with and not have to talk about it because I am kind of getting a little fed up with it. When you look at the [NFL], them guys, that's what they do, that is their job. When you play college football, you just come out to have fun and play ball but to those guys, it is their job.
"I feel I am not ready yet. Right now, I'm in school, I'm enjoying myself, I'm not pushing to go anywhere."
McCoy has rushed for 1,125 yards and leads the nation in scoring with 18 touchdowns in 10 games this season. He ran for 1,328 yards and 14 touchdowns as a freshman and has been compared to former Pitt great Tony Dorsett.
With McCoy back, the Panthers probably become the preseason Big East favorites for 2009.
Brian Bennett is an ESPN.com college football blogger.