The one-year extension for 2019 is worth up to $7 million. There are void and buyback provisions in the deal, which could still make McCoy a free agent after this season. In his previous deal, McCoy had a clause in which the final year -- 2018 -- could void the rest of the contract if he played 65 percent of the offensive snaps.
McCoy's base salary this season is $2.8 million and his cap hit is $3.6 million. Philadelphia's Nick Foles is the most expensive backup with a $13.6 million salary. Arizona's Sam Bradford ($10.625 million) and the New York Jets Josh McCown ($10 million) are next in line; both might start ahead of first-round picks.
But McCoy's deal reflects the value Washington has put on him. McCoy, entering his fifth season with the Redskins, has started only four games and none since 2014 behind Kirk Cousins. McCoy did not attempt a pass last season. He'll back up Alex Smith this season.
The coaches have long expressed confidence in McCoy, thanks to his knowledge of the offense.
Earlier in the day, Smith was asked about the importance of having a strong backup behind him -- based in large part on the Eagles' Super Bowl title when Foles took over for injured Carson Wentz.
"I think the importance of the quarterback room, as far as depth, I don't think can be understated," Smith said. "I think the Eagles were a great example of how important that is to have depth at every position, especially a guy who touches the ball every single play. You know, one snap away from that being the reality and it's important, I think, to have a competitive quarterback room that's deep and certainly guys that can play when needed. Absolutely, I think it's vital."