New England is as far back as you can get in terms of waiver order, sitting at 11-2, which means at least 30 other teams declined to claim the wide receiver. It shouldn't be surprising to see people pass on him.
Floyd has talent, a first-round pick out of Notre Dame who was expected to have a strong season after posting big numbers down the stretch in 2015. Instead, he has been a massive disappointment and now looks like a massive bust.
But there's also a chance Floyd doesn't do much for New England. He has some experience in the Pats' offense to a small degree, having spent two years playing for Charlie Weis at Notre Dame -- Weis was an offensive coordinator with the Pats and Josh McDaniels was a quarterbacks coach underneath him. So there's a little familiarity there.
At the very least, it's a coach with lots of job security willing to roll the dice on a talented player who could produce despite having off-field issues. If it works out, then it's a bonus for New England. And if Floyd isn't able to produce or get up to speed on the offense, then they can just throw him back onto the waiver pile.