Michael Floyd's departure leaves the Irish receiving core in an interesting position.
If John Goodman doesn't return to the team next season (or Deion Walker, who has only one catch in his career), then the Irish's three most experienced receivers—Theo Riddick, T.J. Jones and Robby Toma—would all be under 6'0" (and Goodman isn't likely to become a featured receiver even if he does stay).
There is an abundance of young, talented wide receivers on the roster, but Young needs to be underscored. Luke Massa and Daniel Smith are the only scholarship rising junior wideouts on the team.
Two rising sophomores, DaVaris Daniels and Matthias Farley, are the only other scholarship receivers currently on the roster.
Luckily for Notre Dame, Brian Kelly has already nabbed some impressive prospects for the 2012 recruiting class. Chris Brown, Justin Ferguson and Deontay Greenberry have all verbally committed to the Irish. But unless one of the three's skills are refined enough to play at the college level (which could be the case), each player will be tagged with a red shirt and have to wait to see the field.
Farley impressed the coaching staff immediately, and Daniels has the type of big play ability that is hard to keep off the field, but Massa and Smith, both 6'4", will probably be the players who contribute most to the receiver rotation (I expect each of the four players to see the field).
Massa was a quarterback in high school and switched to wide receiver last season, so one can assume that Smith's route running is more precise. While Massa will play a role in the offense next season because of his height and athleticism, Smith is potentially a starter.
Smith isn't a Floyd-like talent, but at 6'4", his height can be an asset, and while Smith doesn't have 4.4 speed, he does have great hands and jumps to meet the ball on deep routes.
A valid and recent comparison for Smith could be Robby Paris. Paris was a valuable possession receiver for the Irish, and he was often called upon to move the chains. If Smith came in and played that role, Irish fans should be contented.
The Irish offense is losing one of the best players in Notre Dame's storied football history, but spreading the ball around might not be so bad for the team. When Floyd was shutdown, the team had a hard time moving the ball (think Pittsburgh or USC).
A less predictable passing game would make it harder for teams to game plan, and shutting one receiver down wouldn't be detrimental to the offense. That isn't saying the Irish will be better off without Floyd, but the coaching staff and Irish quarterbacks will be less inclined to focus on one receiver (although if Tyler Eifert returns, he will be the go-to-guy in the offense).
Smith will have to look over his shoulder because of the rising sophomores and incoming freshmen, but he could be a major part of the Irish passing attack next season.