What I think a floater is is somebody who has no relevance to the game and they're getting by on that fact. Like Joe, Victoria this season, and others. They're simply a place holder and somebody who is expendable enough that a threat will go over them but they can keep being nominated.
What somebody calls a floater is somebody who doesn't do competitions and floats to the power. However, I disagree. Dan Gheesling and Will Kirby created the game style where they control the person in power and it worked perfect.
OR
someone who is not a threat, and not winning comps, just skating by to 4th place.