Mike Wallace is an attractive player to many teams in free agency, except his old one in the Pittsburgh Steelers and he could command a high salary when the signing period opens next week on March 12.
Wallace has been a consistent playmaker for the team over the past few years, but the team had no interest in trying to sign him long term, as they feel Antonio Brown is a better option in the future and that Wallace would command too much money.
The team could have franchised him on Monday, but they did not have the cap space to do so and field a competitive team, so it is likely he will end up somewhere else. The Steelers should be able to recover from the loss like they did when they traded Santonio Holmes, but no one can replicate the speed of Wallace on the roster yet.
After Dwayne Bowe signed a large five-year deal, there was no chance the Steelers were going to sign Wallace, as he likely will want a similar deal. ESPN NFL Insider Adam Schefter tweeted Monday that the Dolphins are a likely target for the receiver, while the Carolina Panthers have also emerged as another option.
Cam Newton has started to evolve more and more as a quarterback and after having Steve Smith and Brandon LaFell as his two main receivers last year, the team would love to add another speedy star to the mix. Wallace could stretch the field and would be a perfect weapon for when Newton rolls out of the pocket or scrambles around the field looking for receivers.
Wallace hurt himself last year by holding out before training camp and he didn't really fit in the quick passing attack under Todd Haley, meaning that a divorce was likely anyway. Wallace is looking for a $11 million to $13 million deal, which is around what Bowe got from the Chiefs.
Wallace is a deep threat and one of the fastest players in the league and according to ESPN Stats & Information: "No player in the NFL has more 40-yard receptions since 2009 than Wallace (27) and his 16 touchdown catches of 40 yards or longer are also an NFL-high over that span. Since 2009, no other Steelers receiver has more than five 40-yard catches (Hines Ward, who retired before last season) or two 40-yard touchdown catches (Antonio Brown)."
Wallace made 64 catches for 836 yards and eight touchdowns last season, but his reception total was hit lowest since 2010. He had back-to-back 1,000-yard seasons in 2010 and 2011, with the latter season being his best by making 72 catches for 1,193 yards and eight touchdowns.
The Dolphins are in desperate need of a receiver after losing Brandon Marshall in a trade last year and breakout star Brian Hartline is set to be a free agent. The team did not franchise Jake Long, meaning that a large amount of money could be freed up top sign Wallace to a deal.
The Panthers also have some money to work with and as they try to improve their roster, Wallace could be an attractive target. The team started off badly last season, losing six of the first seven games, but came on later in the year, winning its final four, including a 44-38 win to finish the season against the Saints.
Newton threw for nearly 4,000 yards last season and could greatly benefit from another receiver to join the roster that has experience making plays down the field.