"There were a lot of factors, but it was a difficult decision for sure," Cardinals owner Michael Bidwill told NFL.com, adding there was a consensus among himself, coach Bruce Arians and general manager Steve Keim to release Floyd. "Deeply disappointed it didn't work out. He was a 2012 first-round draft choice for us, a person we thought would eventually take Larry Fitzgerald's position and be the No. 1 receiver for the future."
With his rookie contract expiring, Floyd was set to reach free agency in March. All but eliminated from the playoff picture following last week's loss at Miami, the Cardinals opted to pull the cord with three games remaining in a disappointing season.
Floyd was set up for a monstrous contract year after closing out last season with five 100-yard performances in the final eight games. Instead, the enigmatic receiver was one of the primary culprits in Arizona's broken aerial attack this season, vanishing for long stretches and failing to make contested catches.
Despite career lows in receptions (33) and yards (446), he has already dropped more passes in 13 games than he managed in any previous season.
Floyd certainly isn't without talent. At his best, Floyd is a dangerous downfield threat with the size to move the chains on third downs and out-leap defenders in the red zone.
That said, he's shown no hint of that potential as one of the league's least effective receivers in 2016. It will be interesting to see if a postseason contender in need of a deep threat claims him on waivers in the next 48 hours.