Floyd caught 242 passes for 3,739 yards and 23 touchdowns over four-plus seasons with the Cardinals before he was arrested for DUI in December 2016. The Cardinals released Floyd a short time later, and he has 24 catches for 220 yards and two touchdowns for three teams since leaving.
He caught three passes for 54 yards and a touchdown in the third preseason game, his only receptions in the preseason.
Ray had 12 sacks in his first two NFL seasons but dealt with injuries the past two years and only added two sacks.
The Ravens also announced they have waived quarterback Joe Callahan, kicker Elliott Fry, receiver Joe Horn Jr., long snapper Matthew Orzech, receiver Jaylen Smith, inside linebacker Silas Stewart, offensive guard Patrick Vahe, offensive tackle Darrell Williams and offensive guard Isaiah Williams.