Abstract: A free-floating tensioning device having motion damping capabilities and gyroscopic action stabilizing capabilities for use in a drive system having a flexible drive element is disclosed. The tensioning device includes a tensioning assembly along with a damping member and/or a stabilizing member. The tensioning assembly has first and second tensioning members, each having a contact surface that contacts the drive elements, and a positioning component for securing the tensioning members a selected distance away from one another in order to apply a suitable tensioning force to the drive element. The damping member is connected to the tensioning assembly and is suitable for damping the vibration and oscillation of the tensioning device during operation. The damping member includes a damping material.