McCray is the second of the team's eight draft picks to sign. Fellow cornerback Jeremy Harris signed a similar deal Monday.
Under the NFL's rookie slotting system, McCray gets a signing bonus around $70,000. He will count about $420,000 against the team's salary cap in 2013.
McCray was the 210th overall selection in last month's draft. He was a two-time All-Southern Conference selection at Appalachian State, where he finished his college career with 123 tackles and 10 interceptions. He had five interceptions in 2011 and four more in 2012.
He is competing for a roster spot on the Jaguars along with Jeremy Harris, Mike Harris, Kevin Rutland, Marcus Trufant and Trey Wilson.