McCoy accepted the trophy at the annual college football awards at Disney World on Thursday night. He beat out fellow finalists Mark Ingram of Alabama and Tim Tebow of Florida.
McCoy also won the Davey O'Brien Award earlier in the night, given to the nation's best quarterback.
The senior led the Longhorns to a 13-0 record this season and a spot in the Jan. 7 BCS national championship game against Alabama. He threw for 3,512 yards and 27 touchdowns.
McCoy also will be in New York on Saturday night hoping to win the Heisman Trophy. Ingram, Tebow, Stanford's Toby Gerhart and Nebraska's Ndamukong Suh are the other finalists for college football's most prestigious award.