Floyd, 27, is a former first-round pick of the Bears back in 2016. He was in the final year of his four-year, $15.7 million contract when the Bears picked up his fifth-year option worth $13.22 million for the 2020 season last year.
According to OverTheCap.com, Chicago freed up $13,222,000 in cap space by releasing Floyd while creating no dead money.
In 2019, Floyd appeared in all 16 games for the Bears and recorded 40 tackles, three sacks, and a pass defense. Pro Football Focus has him rated as the No. 41 edge rusher out of 107 qualifying players.