Arizona Cardinals star Michael Floyd was just cut by the team ... only 2 days after being busted for DUI in Arizona.
The 27-year-old -- one of the teams top wide receivers -- was arrested in Scottsdale, AZ after cops say they witnessed him asleep at the wheel of his Cadillac Escalade ... at a traffic light.
Cops say they noticed signs of impairment ... and arrested MF for DUI.
FYI -- Floyd was set to be a free agent after this season ... and was expected to get a big money contract.
Now, he doesn't have a job.
Story developing ...