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Arizona Cardinals must decide soon on Michael Floyd's 5th-year option

Floyd would make over $7 million in 2016.

Bob Donnan-USA TODAY Sports

Arizona Cardinals receiver Michael Floyd could be a free agent after the 2015 season. He enters the fourth year of his rookie contract. However, the Cardinals have until May 3 to make a decision that could keep him in Arizona another season.

Under the current collective bargaining agreement, teams can exercise a fifth-year option available for all first round draft picks. That option is costly, as picks 1-10 would make the transition tag salary. After the first 10 picks, the player earns the average salary of the highest paid 25 players in the league at his position, excluding the top two highest paid players.

According to former agent Joel Corry, who now writes for CBS Sports, the fifth year option would pay Floyd $7.32 million in 2016.

The fifth year is guaranteed for injury when the option is exercised. The injury guarantee would only kick in if a player was unable to play the following season after getting hurt. The option year becomes fully guaranteed on the first day of the league year in the fifth contract year (approximately March 8, 2016 for the 2012 draft class).

Corry believes "it would be a surprise" if the Cardinals did not exercise the option.

However, with Larry Fitzgerald guaranteed $11 million next season and counting more than $15 million against the salary cap, combined with quarterback Carson Palmer counting over $17 million against the cap, it means the team would have a lot of money tied up in the passing game -- in only three players.

Floyd, after reaching over 1000 yards receiving in 2013, only had 47 catches for 841 yards in 2014.

Should Arizona fork out another $7 million for Floyd? A decision must come before May 3.