One assumes we wanted to wait to see if we picked up an amazing pass rusher in the draft. Of course picking in the 3rd round, the likelihood was really low, but let's say for some stupid reason Bosa (or whoever you liked best in this draft at edge) fell to the 20th pick, we might be willing to trade up at that point for him.
Yes a totally unlikely scenario, but there was no reason to extend Floyd until you knew that didnt happen. It didnt, Floyd is good, we extended him.