After just one season, the Miami Dolphins appear to be really interested in moving on from wide receiver Mike Wallace, who they signed last offseason as an unrestricted free agent.
Once again, Jason La Canfora of CBS Sports reports on Tuesday that the Dolphins are renewing attempts to trade the former Pittsburgh Steelers wide receiver during the NFL owners’ meetings, but that his contract is making it tough to do.
Fins have renewed attempts to trade WR Mike Wallace during the league meetings. Teams doing homework on him. Contract makes it a tough trade
— Jason La Canfora (@JasonLaCanfora) March 26, 2014
This is the second time in the last 30 days that La Canfora has reported that the Dolphins are shopping Wallace and he’s not kidding about the contract being a huge obstacle.
Wallace, who signed a five-year, $60 million contract last offseason, is scheduled to earn a guaranteed $15 million base salary in 2014 in addition to a $50,000 workout bonus. A team willing to trade for the former third-round draft pick, however, would have to take on that salary along with the rest of Wallace’s remaining scheduled years. Unless the Dolphins are willing to pay a good chunk of that $15 million in 2014, they’re not trading Wallace.
In addition to everything else, the Dolphins would take an $8.8 million dead money hit in 2014 if they were to trade him. Being as his $15 million salary is guaranteed this season, that would produce a dead money charge of $23.8 million if the Dolphins were to release him outright.
The last time that La Canfora reported Wallace being shopped, the Miami Herald disputed his report, so we will soon see if this one is disputed as well.