Rice confirmed McCaffrey's signing Monday and noted that he will join the team for summer workouts and begin competing for the starting job in preseason camp.
McCaffrey announced in February that he would be transferring from Nebraska to Louisville, but he recently left the Cardinals' program after several days of workouts with the team. Louisville coach Scott Satterfield last week told ESPN Louisville that McCaffrey wants to be a starting quarterback and "after three or four days decided that maybe wasn't going to happen here."
McCaffrey started two games for Nebraska as a redshirt freshman last season and appeared in seven total contests, recording 466 pass yards, 364 rush yards, four touchdowns (one pass, three rush) and six interceptions. But the Huskers finished the season with Adrian Martinez as their starter. Rice must replace top quarterback Mike Collins, who had 10 touchdown passes and an interception in three games last fall.
McCaffrey, a son of former NFL player Ed McCaffrey and a younger brother of Carolina Panthers running back Christian McCaffrey, was rated as ESPN's No. 4 dual-threat quarterback and No. 141 overall player in the 2019 recruiting class.
Rice coach Mike Bloomgren coached Christian McCaffrey at Stanford as the team's offensive coordinator.