The transaction is now a reality ahead of the league-wide May 3 deadline.
According to the NFLPA, Floyd will make a base salary of $13.2 million in 2020, which represents a significant increase of pay from the $720,000 base salary Floyd is set to earn in 2019.
The 6-foot-4, 251-pound Floyd totaled 47 tackles, four sacks and 11 quarterback hits in 2018 while playing opposite of Khalil Mack, who totaled 12.5 sacks despite facing a majority of opposing blockers' attention. Over the past three seasons, Floyd has totaled 114 tackles, 15.5 sacks and 32 quarterback hits in 38 starts.
Floyd's current rate production might not match what the Bears will pay him in 2020, but the team clearly likes what they've seen to make the commitment.
Click here to see NFL.com's tracker of the first-round picks from the 2016 draft receiving the fifth-year option.