I finally got around to flushing my coolant system and I want to share my experience since there seems to be very little info on the forums or the web for a C7. Thanks to all that provided advice. It went smoothly and I was probably over thinking the task as usual. Here is what I did. I'm not saying this is the best way or even the correct way, it's just what I did.
1. Locate the coolant reservoir.
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2. Remove the lid (make sure engine is cool as the coolant can be under pressure when hot)
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3. Place a drain pan large enough to hold at least 2 gallons under the radiator drain (I also put newspaper under the drain pan). The drain is on the driver's side and facing directly down. You can only see it from under the car. It is directly below the petcock valve shown in step 4. You can see coolant flowing from the drain in this picture. The picture is taken looking up from under the car.
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4. Now locate the petcock (valve). It is white plastic and located on the driver's side of the radiator at the bottom. It can easily be seen and reached from above the car. I did need to use my left hand to reach it. The valve is open in these pictures.
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6. Open the valve by turning it counterclockwise. Mine was only finger tight. Turning the petcock 3.5 turns CCW started the flow. I turned it an additional 1/2 turn for a total of 4 complete revolutions to drain.
Make sure the coolant is hitting the drain pan.
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It took about 10 minutes to drain. I measured 7 quarts of coolant.
7. Close the valve. Replace the drained fluid with an equal amount of distilled water.
8. Start the engine (I left the coolant cap off) and idle until the engine reaches operating temperature.
9. Repeat the drain (7 quarts drained this time also) and fill with distilled water again.
10. Run engine again until it reaches operating temperature.
11. I repeated steps 7 and 8 one more time. This time the drained fluid only had a very light orange color.
12. Close the valve. Wipe off any coolant under the car. And add 4.5 quarts of Dexcool to the reservoir. The coolant capacity is 11.3 quarts and GM recommends a 60/40 water to coolant ratio. I was only able to find gallon jugs of Dexcool so I have 3.5 quarts left over. It didn't all fit until I let it sit about 5 minutes. Top off with distilled water. Wait 5 minutes and fill to the correct level with more distilled water.
13. Install the reservoir cap. Run the engine again until operating temperature is reached. Let cool and top off fluid with more distilled water.
I still need to take the car for a good ride and check the level again. It was very easy but a little time consuming. Also make sure to dispose of the old coolant properly. I hope this makes things a little easier for someone. The coolant is supposed to be changed at 5 years (there is also a mileage limit which would require earlier replacement) so the 2014's are due.