If the team had not made the move, Floyd would have become an unrestricted free agent at the end of the coming season.
The 13th overall pick in the 2012 draft, Floyd is to earn about $7.3 million in 2016 with the salary guaranteed for injury.
Floyd had a breakout 2013 season, catching 65 passes for 1,041 yards. But last year, partly because of the Cardinals' quarterback woes, he dropped to 47 catches for 841 yards.
AP NFL websites: http://www.pro32.ap.org and http://www.twitter.com/AP-NFL