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Michael Floyd contract extension could cost more than $8 million ayear

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The Cardinals have a decision to make on the forer first rounder.

Mark J. Rebilas-USA TODAY Sports

The Arizona Cardinals have an interesting decision to make on receiver Michael Floyd. Should they sign him to a contract extension or let him play out the final year of his contract? Floyd enters the final year of his contract and will make more than $7 million this season. It is the fifth-year option the team picked up last year that comes with first round draft pick contracts.

With Larry Fitzgerald already making $11 million this season and counting more than $15 million against the salary cap, it means the team has a lot of money tied up at receiver.

We don't know how much longer Fitzgerald plans on playing, but as things currently stand, both Fitz and Floyd will be free agents after the season.

With Floyd counting a lot toward the salary cap this season, there has been talk of perhaps the team signing him to a contract extension. If the team attempts this, it won't come cheap, according to Spotrac's calculations.

If the Cardinals want to extend his contract, it is going to cost $8 million+ a season.

Calculated: 4 years, $33M ($8.25M AAV)
Likely: 4 years, $33M ($8.25M AAV)

Though he showed no signs of it in 2015, the upcoming season could be Larry Fitzgerald's last in Arizona, so the Cardinals would do well to get ahead on Floyd to lock in the next man up going forward. He's currently sitting with a $7.32M 5th year option in 2016, but is projecting at $8.25M per year according to our latest calculation. A deal similar to Michael Crabtreee's 4 year, $34M extension seems about right. View the calculated projection here.

Torrey Smith's contract with the 49ers averages $8 million per year. Jeremy Maclin's deal with the Chiefs averages $11 million per year.

Floyd will command money in that range.

The question is do the Cardinals pay him that much or do they let him go? And if they let him go after this season, will Fitz stick around at least one more year? John Brown will also be up for a contract extension after this coming season. How much money are they going to be willing to pay to their receivers?

In terms of salary cap now, do you take the one-year hit and let Floyd walk, hopefully picking up a compensatory pick in the process next year, or do you try and save some salary cap space now and extend his contract, keeping him beyond this season?

It is one of many tough decisions the Cardinals have this offseason.