Mike Wallace has yet to sign his 2.757 million dollar restricted free agent tender in search of a long term deal and while the Steelers have agreed not to slash his tender down to 577 thousand, which they now have to right to do because Wallace skipped minicamp, it’s still unknown when the two sides will come to terms on a long term deal. Wallace wants Larry Fitzgerald money and the Steelers don’t have the cap nor the desire to pay him that more.
Holding most of the leverage with Wallace essentially under contract inexpensively in 2012 and with the franchise tender reserved for him next offseason, the Steelers want Wallace to sign a deal more in the range of Vincent Jackson’s 55.5 million dollar deal over 5 years rather than the 8 year, 120 million dollar deal Larry Fitzgerald got.
According to the Pittsburgh-Post Gazette, Wallace’s holdout will end later rather than sooner as they feel he could be prepared to sit out into Training Camp. If he does that, he could be fined a good amount of money and he would risk getting out of shape and having a down year like Chris Johnson and Darrelle Revis did in the last 2 seasons, but in search of a long term deal, it might be worth it for him. Unlike franchise tagged players, Wallace can still be signed to a long term deal after Training Camp starts.