Before the draft, the buzz with Mike Wallace was whether or not another team would offer the restricted free agent an offer sheet and whether or not the Steelers would be willing or able to match if a team did so. That deadline for a team to do that, and surrender a 1st round pick, has passed, but the drama with Wallace is not over.
Wallace has made it clear he wants to be paid like Larry Fitzgerald and Calvin Johnson and is not happy with the 2.742 million dollar restricted free agent tender the Steelers have offered him. Wallace is skipping OTAs in search of a new deal, though it may just be a symbolic gesture. Not only can the Steelers slash Wallace’s salary in 2012 to 577,500 if he doesn’t sign the tender by June 15th, the Steelers simply don’t have the cap space to give Wallace the deal he wants. Wallace only has had 3 years in the league and he doesn’t have the leverage at this point to get a long term deal so I expect him to sign the tender and join his teammates in practice once his symbolic gesture is over.