The Miami Dolphins have so far been the biggest spenders in free agency, making a splash on the first day of the signing period by bringing in wide receiver Mike Wallace and linebacker Dannell Ellerbe as well as a number of other players on Tuesday.
According to ESPN.com, the Dolphins have reached a five-year, $65 million deal with $30 million in guarantees, sources told ESPN Insider Adam Schefter. The Dolphins also signed linebacker Dannell Ellerbe, linebacker Phillip Wheeler while also re-signing safety Chris Clemons. The team made the moves on the same day they released linebacker Karlos Dansby and lost tight end Anthony Fasano to the Chiefs.
The team announced the signings on Tuesday night, with general manager Jeff Ireland speaking to the media. We are pleased to reach an agreement with Mike Wallace, Ireland said in the prepared statement. He has a unique skill set which we believe will be a welcomed addition to our offense. We are looking forward to his contributions to the team.
The Dolphins also announced the news on Twitter, writing: "The ink is dry and it's official. Please welcome @Wallace17_daKid to the Miami Dolphins!"
The Dolphins were one of the teams in the NFL with the most cap space heading into free agency, starting off with over $40 million before deciding to use the franchise tag on Randy Starks. After making the moves on Tuesday, Miami still has over $20 million in cap space and could add some other veteran players for depth, including Ed Reed, James Harrison or Michael Turner.
Wallace is now the third-highest paid wide receiver in the league and brings blazing speed to a team that was looking for a number one receiver after trading Brandon Marshall last year. Wallace has scored 32 touchdowns in his career and it was widely expected that he would sign with the Dolphins after the team expressed strong interest in him.
Ellerbe is also an impact addition, as he had a breakout season for the Ravens, recording 92 tackles and 4.5 sacks while helping the team win the Super Bowl. The team signed him to a five-year, $34.75 million contract on the same day they let go of veteran linebacker Karlos Dansby, who was due to count $8.5 million against the salary cap.
The team also added depth by signing Phillip Wheeler from the Raiders and bringing back Clemons, who the team wanted to retain in free agency.