Yes, McCarthy is an alum.
I remember that team. Fun to watch, very up tempo. I think the coaches name was Mannion but they called him Magoo or something like that? Had some type of connection to Puerto Rico and brought in a few players from there (No, I'm not going to get into that whole private school recruiting debate). Kike Rivera was really good and was a big star at LaRoche. Had a few bigger offers but stayed local because of a girlfriend I believe. Recently inducted to their hall of fame, He took some classes at Pitt and met him there, nice guy, super talented.
Rivera was a star, but the core of the team was all home grown, Masley, McCallister and the legendary Bobby Lynch. McCallister also had an older brother that played and was pretty good. Same year as McCarthy I think. Masley was really good in high school, went to Clarion but I don't think he did much there.
I still think the WPIAL was a lot more interesting with just 3 classes, 4 max. This 6A stuff, too diluted. Hard to believe a small school like Boyle could win a championship at the second highest classification at the time. I think they maybe beat Clairton who had Lloyd Moore who was one of the few parade all-americans in basketball from the area. Very strange recruitment from what I recall.
So much going on in late 70's-early 80's sports in Pittsburgh that WPIAL basketball from that era gets short sighted a bit. The last of the really big time local players played in the early 80's. Although a few decent players came out in the mid 80's (Miller, Porter, Marlon Ferguson to name a few)
And to answer your question, like many Catholic schools in the area, population shifts, lack of enrollment, and poor finances doomed them. But it was fun while it lasted.