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Power management for large last-level caches (LLCs) is important in chip multiprocessors (CMPs), as the leakage power of LLCs accounts for a significant fraction of the limited on-chip power budget. Since not all workloads running on CMPs need the entire cache, portions of a large, shared LLC can be disabled to save energy. In this article, we explore different design choices, from circuit-level cache organization to microarchitectural management policies, to propose a low-overhead runtime mechanism for energy reduction in the large, shared LLC. We first introduce a slice-based cache organization that can shut down parts of the shared LLC with minimal circuit overhead. Based on this slice-based organization, part of the shared LLC can be turned off according to the spatial and temporal cache access behavior captured by low-overhead sampling-based hardware. In order to eliminate the performance penalties caused by flushing data before powering off a cache slice, we propose data migration policies to prevent the loss of useful data in the LLC. Results show that our energy-efficient cache design (EECache) provides 14.1% energy savings at only 1.2% performance degradation and consumes negligible hardware overhead compared to prior work.