The team also signed third-round selection, cornerback Jamell Fleming of Oklahoma, to a four-year deal.
The moves on Monday leave all seven of the Cardinals' draft picks under contract heading into the start of minicamp on Tuesday.
The 6-foot-2, 220-pound Floyd was the 13th overall pick in the draft. Floyd set Notre Dame career records in receptions (271), yards receiving (3,686) and touchdowns (37) in 43 games with the Irish. He is expected to give Arizona a formidable option to perennial Pro Bowler Larry Fitzgerald, but for now will compete for playing time with returning receivers Andre Roberts and Early Doucet.
Floyd, the second wide receiver chosen in the draft, is coming off an outstanding senior season at Notre Dame, when he caught a school-record 100 passes for 1,147 yards and nine scores.
Fleming was the 80th pick overall. He was the defensive MVP of the Fiesta Bowl two seasons ago and the Insight Bowl last year. He is expected to compete with several players for the cornerback spot opposite Patrick Peterson.
Fleming was an All-Big 12 selection as a senior with 60 tackles, 49 of them solo, a forced fumble and a fumble return for a touchdown. In 51 games with the Sooners, 24 as a starter, Fleming had 131 tackles -- 98 solos -- with seven interceptions, 24 passes defensed, 12½ tackles for loss, a sack, a forced fumble and a fumble recovery.
After their three-day minicamp this week, the Cardinals have just over a month before reporting to training camp in Flagstaff on July 24.