8:47pm: According to MLB.com's Corey Brock, the Padres designated right-hander Matt Bush for assignment to make room for Floyd. Bush was drafted first overall in the 2004 draft as a shortstop, but never made it past the Single-A level at that position.
6:16pm: Paul DePodesta, a member of the Padres' front office, took to his own personal blog for a little insight on the Floyd signing:
We've been talking for a number of weeks internally about the need to add a left-handed bat into the mix, as our bench was looking awfully right-handed. In an ideal world, we wanted to find a guy who could provide three primary skills: 1) the ability to do damage against RHP as either a pinch hitter, DH or occasional starter, 2) the ability to play somewhere other than 1B if need be, and 3) the ability to act as a leader for our younger players. We found a match in Cliff.
8:06am: According to Ken Rosenthal, the Padres have agreed to terms with outfielder Cliff Floyd on a one-year deal. ESPN's Jayson Stark says the deal guarantees him less than $1MM. Floyd, 36, hit .268/.349/.455 in 284 plate appearances for the Rays last year; he suffered a slightly torn labrum in the World Series. He earned $2.75MM and had an '09 option for the same amount declined in November. Rosenthal says Luis Gonzalez was the Padres' second choice.
A few days ago, Bill Center of the San Diego Union-Tribune suggested the Padres had Floyd and Livan Hernandez on the radar.