Report: Steelers Making Progress On A Long-term Deal With Mike Wallace

Jason La Canfora of CBS Sports tweeted today that the Pittsburgh Steelers are making progress on getting a long-term deal done with restricted free agent wide receiver Mike Wallace. La Canfora reports that both sides are motivated to get the deal done and that talks are ongoing with training camp now right around the corner.

The release of tackle Jonathan Scott on Thursday makes the report of La Canfora very believable as the Steelers cleared $2.2 million in cap space by releasing Scott. The move puts the Steelers roughly $6 million under the cap now and that number already takes into account the $2.74 million that Wallace is already counting against the cap in the form of his restricted tender offer. If you remove that $2.74 million, that means the Steelers have nearly $9 million in cap space that will easily cover the first year cap hit of a new Wallace deal.

A new deal for Wallace, if one is indeed reached, will most likely include a second year roster or option bonus as part of the guaranteed money paid in the contract. His new contract structure would likely resemble the one that Baltimore Ravens running back Ray Rice signed just a few days ago. That deal included a $15 million signing bonus, a $1 million base salary in 2012 and a $7 million option bonus in 2013. The structured contract resulted in a 2012 salary cap hit of just $5 million on Rice.

The Steelers are also expected to come to terms with first round draft pick David DeCastro at any time now in addition. The 2012 cap hit on him is expected to be around $1.6 million. He is already counting $390,000 against the cap after the Steelers drafted him, because of rules set forth in the CBA.

  • William Sekinger

    Go Khan go!

  • Brian Miller

    Work your magic Khan!!

  • TJimmy

    Funny how Mike Wallace’s contract progress was dependent upon Max Stark’s health. Max may save the offense once again! Must be his humble attitude.

  • I like Mike Wallace. Make no mistake, we need him. That’s what this contract is all about. People will say, oh, we have tons of receivers like Brown, etc. Yup, we do but none of them has the speed like Wallace and this opens up everything.

    Do I think Mike Wallace is a number one? Could be but right now, I’m not convinced he’s worth big money. Will he? Maybe but not now. As long as they don’t break the bank, which Steelers never do, I don’t mind. Maybe the money will motivate him to live up to it.

    If he doesn’t, trust me Steeler Nation is not to be triffled with.

  • Mike.H

    had a feeling had Wallace signed a 4 yr deal, his agent would’ve pushed for an extension post 3rd year as well? any chance Steelers could’ve had Wallace for the cheap for 4 yrs instead of 3? comments?

  • SteelerDave

    I have taken heat for my view that as a a professional Wallace should have been at the OTAs and learning the system and let the contract work itself out. Singed long term or not he has to play for us at some point this season and he was only hurting himself and his team. I understand it is a business and he wants his ‘payday’ but he never understood the term good faith.

    All that said, we do need him for his speed that he brings to the team. Had Ben not been hurt Wallace would of had a better 2nd half. What he does, which is important, is help open things up for Brown. You cannot double cover both players.

    I am a big fan of the skill set Sanders has but Sanders has to prove he is past his injury issues for good. The young money trio of Wallace, Brown and Sanders is perhaps the best group of three WR’s in the game today. 1,000 yard season for all three is certainly realistic.

    Sign Wallace to a cap friendly deal like Rice got and let us concentrate on football.

  • meandallthegreenmen

    it seems like you have like five different opinions on this topic????

  • meandallthegreenmen

    wallace can probaly get more out of working out and going over the playbook on his own then the watered down and overated otas and practices, the new cba seems to really make otas more and more pointless

  • meandallthegreenmen

    its a good thing 4 year deals are now the minumum so restricted free agency can just dissapear for good

  • meandallthegreenmen

    not true, they had enough cap space alredy before they cut scott and this idea that they did not have the money to sigh wallace was false and overblown!!!!!!!