Pittsburgh Steelers Will Try To Tender And Not Franchise Tag Mike Wallace

Mike Wallace won’t be receiving a franchise tag from the Pittsburgh Steelers after all, inside sources for the team say the Steelers’ front office will not, not franchise their sought after free agent.

Because the team won’t franchise tag Wallace the Steelers in turn will be able to match any offers from other potential suitors or receive a first-round pick in return for his services.

According to ESPN:

“The highest qualifying offer for Wallace is about $2.75 million, nearly matching the amount that Pittsburgh is now under the salary cap. To franchise Wallace would cost Pittsburgh $9.5 million, which it currently does not have the salary-cap space to absorb.”

GM Kevin Colbert told reporters at last weeks combine that he was determined to keep the wide receiver. Colbert said it was his belief that Wallace wants to stay in Pittsburgh and they will work together to make sure that goal is realized.

While both sides would like to see a deal get done Wallace last week told SiriusXM NFL Radio:

“[Pittsburgh is] where I would like to be, but we all know that it is a business and you have certain things you have to handle. So if I have to go elsewhere, you know Pittsburgh will always be in my heart, but I have to do what I have to do.”

Letting Wallace go would deal a blow to the Steelers organization after he received for 1,193 yards last season with eight touchdowns, good enough to get the wide receiver selected to his first Pro Bowl appearance.

Wallace has led the Pittsburgh Steelers in receiving touchdowns the past two seasons while tying for the team’s best during his rookie year.

Do you think letting Mike Wallace go would be a big mistake on behalf of the Pittsburgh Steelers front office?