Terms of the deal are not yet disclosed.
Floyd's contract with Toronto serves as a low-risk, high-reward type of deal. Floyd has struggled with injuries each of the past three seasons, but is still just 33 and could be a significant addition to the team's pitching staff if he manages to stay healthy.
The Blue Jays' rotation remains their biggest question mark as they approach the 2016 season. Marcus Stroman leads a staff that took a big hit with the departure of David Price to the Red Sox. Behind Stroman, the Blue Jays' projected rotation includes R.A. Dickey, Marco Estrada, new addition J.A. Happ, and Aaron Sanchez.
Floyd missed most of the 2015 season after breaking his right elbow for the second time in two years. He ended up making seven relief appearances with the Indians, posting a 2.70 ERA and seven-to-four strikeout-to-walk ratio in 13 1/3 innings.
Floyd's last full season came all the way back in 2012, when he was with the Chicago White Sox.
Since that point, he has thrown a combined 92 big league innings with good success, registering a 3.33 ERA and a 77 to 29 strikeout-to-walk ratio with three teams. Obviously, Floyd's success really is insignificant, as he will only generate value with Toronto if he stays on the field.
Floyd was the 4th overall pick of the 2001 MLB Draft by the Philadelphia Phillies. Over his career, he has a 4.38 ERA (101 ERA+), 4.35 FIP, and a 955 to 407 strikeout-to-walk ratio in 1,219 innings.