Floyd, a 2012 first-round pick, signed a one-year deal with the Saints on July 31 following a short stint with the Minnesota Vikings last season.
Floyd finished the preseason with one catch for 16 yards.
Since then, Floyd has struggled to hold down a regular role and battled legal troubles. Before signing with the Vikings, Floyd was arrested for driving under the influence. He also violated the terms of his house arrest when he tested positive for alcohol.
The Notre Dame product will now hope to latch on with a receiver-needy club and establish himself as a useful red-zone weapon.