Romero said Floyd told her Friday afternoon that Notre Dame's Office of Residence Life, the school's disciplinary arm, rendered a decision on his future at the school that was positive and he'll be able to stay by fulfilling certain obligations. The Office of Residence Life could have suspended Floyd for a semester.
"Michael feels blessed for the opportunity," Romero said.
Floyd echoed her thoughts in a statement.
"I've met with the Office of Residence Life and, while I don't plan to discuss the details, I'm grateful that I still have a chance to earn my degree from Notre Dame and be a member of the football team," Floyd said. "I know that I still need to meet requirements set by the university and Coach Kelly, and that I have a lot of work to do that and to prove that I've grown from this experience. I'm sorry again for the poor decisions I've made and for letting so many people down."
Floyd was suspended by coach Brian Kelly March 21 after being cited for drunken driving, with authorities saying his blood alcohol level was twice the legal limit.
He still is scheduled for a court date May 2.
It is unknown if Floyd faces further punishment from Kelly.
"Michael has shared with me the outcome of his hearing with our Office of Residence Life, and I'm happy that he has the opportunity to move forward both academically and athletically here at Notre Dame. However, this does not change the fact that Michael is still a suspended member of our football team," Kelly said in a statement. "As I said last month, part of the reinstatement process to our team involved conclusions to the legal and university disciplinary matters. Another part was behavior modification and improved decision-making skills.
"While I have been pleased with the progress Michael has made in the last few weeks, there is still work to be done to convince me he has matured and that he is willing to accept the consequences of his actions, learn from them, and become a better person. Until that happens, he will not be an active member of our team."
It was Floyd's third run-in with the law because of alcohol since 2009.
Floyd was cited for underage alcohol consumption on May 15, 2009, and later pleaded guilty. He also was cited for underage drinking in Minneapolis on Jan. 8, 2010, not far from his hometown of St. Paul.
Floyd, a 6-foot-3, 227-pound junior, bypassed the NFL draft. He holds the school record for touchdown catches (28) and ranks second in catches (171) and third in receiving yards (2,539).
He had 79 catches for 1,025 yards and 12 TDs last season.
Joe Schad covers college football for ESPN.