Releasing McCoy would save exactly $1 million on the cap. His 2017 hit is $8.875 million, but it would be a $7.875 dead cap hit to cut him. You lost me right there.
Most realistically, McCoy has one, or more likely two years left here, depending on the dead money hit they want to take ($5.25 million after next season, $2.625 after the 2018 season)