As always, if we sign him, it's a brilliant move and "proof" that this Front Office is committed to winning.
And if we don't sign him, it's also a brilliant move because he is some sort of progress stopper for Trysten Hill and if he was so good why was he available nonsense.
For me, it should always come down to three things:
1. Is he available? It looks like he could be very soon.
2. Is he affordable? That will depend.
3 (and most important) Does he makes us better? I would say yes. He is better and more impactful than Tyrone Crawford, who despite his "likability" is not playing up to his contract. He is better than Trysten Hill (for now) and would make an excellent mentor and 1-2 punch.
If this team where to add McCoy, the national media would definitely feel we took a step closer to competing for a Super Bowl. It doesn't make them right, but it would absolutely be perceived that way.