McCoy was hurt on the Longhorns' fifth offensive play, when he was tackled at the line on an option keeper.
ABC has reported that he will not return.
McCoy's injury resulted in Texas turning the keys to the offense over to true freshman Garrett Gilbert.
It hasn't gone well without him. Sixteen of the 22 offensive plays the Gilbert-led unit has run have resulted in gains of one yard or less.
Gilbert also had a shuffle pass intercepted and returned by Alabama's Marcel Dareus as the Crimson Tide lead 24-6 at the half.