It sounds like for better or for worse, Chip is going to run it his way, and McCoy wasn't down. Plus the money. Given the speed of the offense as Chip wants to run it, a 3 down back isn't worth the money, as one guy would probably be pretty gassed pretty fast.
Where I think Chip may find a problem is if ultimately no one feels like running through that ringer. He could force kids to do it at Oregon, as they had their eyes on the NFL. But if talent doesn't feel like running at his desired speed, he won't be able to keep talent.