Steeler's WR Mike Wallace Will Be A Restricted Free Agent

The Pittsburgh Steelers announced today that they will not place the franchise tag on 3rd year WR Mike Wallace thus allowing him to become a restricted free agent. The Steelers are expected to put a first-round tender on Wallace meaning another team can try to the Pro-Bowler to an offer sheet. The Steelers will have the right to match any offer made by another team and if they do not they will be awarded a first round pick from the team that signs him.

Steelers' GM Kevin Colbert has reiterated that the team plans to do everything in their power to retain Wallace but are handicapped because of their lack of salary cap space. The team has already been forced to release 14-year veteran WR Hines Ward, their all-time leader in every major receiving category (far outstripping Hall of Famers Lynn Swann and John Stallworth), because they simply could not afford to pay him. Currently the team is only about $3 Million under the cap for next season and matching the highest qualifying offer would take up nearly all that space. Ideally the Steelers would like to franchise Wallace but the $9.5 Million cap figure that would come along with the tag is far too rich for their blood.

Wallace was drafted in the third round in 2009 out of Mississippi after posting a 4.33 40-yard dash at the combine. He busted on to the scene in his second season in 2010 hauling in 60 balls for more than 1,200 yard and 10 TDs while leading the AFC in yards per reception. He posted similar numbers in 2011 while making the Pro Bowl and at 25 years old is certainly considered to be one of the top receiving talents in the NFL for the next 4 or 5 years. Right now I'd say there is a 90% chance he stays in Pittsburgh but that other 10% leaves a lot of room for something to happen, especially with all the teams that will be salivating at the possibility of acquiring his services.