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Arizona Cardinals to make decision on Michael Floyd contract after NFL Draft

The WR would make over $7 million if the option is exercised.

Bob Donnan-USA TODAY Sports

The Arizona Cardinals have until May 3 to make a decision regarding the contract of receiver Michael Floyd. Apparently, they have not made that decision.

Floyd, the team's 2012 first round pick, enters the fourth year of his contract. All first round picks have a team option for a fifth year, but that fifth year costs a lot. For a player like Floyd, who was the 13th pick, it means making the average salary of the top 25 highest paid players at his position, excluding the two highest.

Teams must exercise that option well before the player enters the fourth contract year.

According to Fox Sports Radio 910's Mike Jurecki, the Cardinals are waiting a little longer on that decision.

Since they have until the close of business on May 3, the team will wait until after the draft, which concludes on May 2.

Floyd's fifth-year option would pay him more than $7 million. With Larry Fitzgerald already making $11 million in 2016, that would be a lot of money tied up at receiver.

The fact, though, the team hasn't made a decision does say a lot. It means they don't view him as a core player, otherwise they would have already picked up the option, as they did well before the deadline last year for Patrick Peterson.

When I saw the report on Twitter, I immediately thought it means if the Cardinals draft a receiver they like a lot relatively early, Floyd will be done after the season in Arizona. They will let him hit free agency. They already have Larry Fitzgerald. John Brown has big things expected of him. Another receiver drafted relatively high would be that third guy, which would leave Floyd as expendable.

Even without picking up the option, the Cardinals would still have all season and up to the start of free agency in 2016 to hammer out a contract extension, but if they aren't willing to pay him $7 million, it is hard to imagine a deal getting done, as Floyd will probably command more than that on the open market with a solid season in 2015.

Should the Cardinals make the decision now or would it be better to wait to see if they draft a guy?