Michael Floyd has a new home. One day after being cut by the Cardinals, the wide receiver has been claimed off waivers by the Patriots.

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Floyd was considered a promising not too long ago and the Patriots are hoping that they can get something out of him late in the season. The Cardinals are on the hook for Floyd’s Week 15 salary, so the Pats are responsible for just two weeks of his pay. Floyd gets $430K per week on his $7.32MM salary, so claiming him costs them $861K. If he does well in the final weeks of the season and in the playoffs, he could find a role with the team next year. Alternatively, Floyd could net the Pats a compensatory draft pick if he were to sign elsewhere this offseason as a free agent.

So far this year, Floyd has 33 catches for 446 yards and four touchdowns. Once regarded as the heir apparent to Larry Fitzgerald in Arizona, Floyd has slipped down the depth chart and his DUI was apparently the last straw for coach Bruce Arians & Co.

The 11-2 Patriots are tied for the best record in the NFL with the Cowboys. Since New England had winning successful claim, that means just about every other team in the league passed on adding Floyd for the home stretch of the season.

Photo courtesy of USA Today Sports Images.