Mike Wallace's future is becoming less and less uncertain with the Miami Dolphins. In order to remain with the team he would likely have to take a pay cut by restructuring his contract and high salary cap hit. The wide receiver has been meeting with front office officials as the team remains hopeful they can retain the playmaker, but negotiations are stalling out and Wallace is not keen on accepting less money.
Wallace was a big offseason signing for the Dolphins two seasons ago. He was viewed as the receiver that would make Ryan Tannehill's job much easier. However, Wallace has been the cause of more headaches than touchdowns causing the Dolphins to reconsider their relationship. According to the Miami Sun-Sentinel, Wallace is not willing to restructure the final three years of his contract worth $32.9 million. Wallace is set to earn $9.9 million in 2015 and the Dolphins cannot take on that salary while making other roster improvements and signing Tannehill to an extension.
Re-working his contract was the only way Wallace could remain on the Dolphins roster. According to NFL Media Insider Ian Rapoport, the wide receiver will now be available for trades or an out-right release if that is necessary. Rapoport writes that his contract is not the only thing souring his relationship with Miami. The wide receiver is viewed as a locker room issue. He has been outspoken about his displeasure with the Miami offense and his chemistry with Tannehill has come into question. He even went as far as benching himself in the season finale, something that did not sit well with the Miami coaching staff.
The Dolphins would prefer to get something in return for Wallace is possible. Not many teams will look to the receiver for a deal considering his contract status. The Oakland Raiders are about the only team suited to take on his guaranteed money as they have the cap space to do so. However, if teams are under the impression that Wallace will end up being released, no one will make a move to acquire him in a trade and be forced to give up draft picks.
Wallace's exit helps get Tannehill signed to a new contract while retaining players like tight end Charles Clay and potentially running back Knowshon Moreno. It also means fan-favorite receiver Brian Hartline could be back along with Brandon Gibson. Miami would save $6.9 million on the cap this season by cutting Wallace as a post-June 1 designation.