Mike Wallace Finally Reports To The Steelers

Wallace has talked about probably being a little tired after his first few practices with the team, so he’ll need to work off the rust before contemplating playing in the season opener.

Despite needing some time to get readjusted, Haley thinks Wallace can potentially make it back in time, according to the Pittsburgh Post-Gazette.

The first question is how quickly he can get acclimated with the Steelers offense, which is being run by a new coordinator, Todd Haley. Wallace can’t practice in pads for three days due to the rules of the new acclimation period and he’ll also be learning Haley’s new offense.

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He is sorry it took so long.

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Wallace missed the entire offseason because he did not sign his restricted free agent tender which is worth just under $3 million.

Wallace is a restricted free agent which means the Steelers own his rights. Assuming he actually signs he will be under contract for one year. The Steelers can continue to retain his rights next year via the use of the franchise tag.

The consensus has been throughout Wallace’s entire holdout that the fourth-year receiver and 2011 Pro Bowler would return to the team rather than missing any regular season playing time. But it’s now just a few days before Pittsburgh is due to play its fourth and final preseason game, and Wallace still has yet to report. If the rumors to be believed, that should change Tuesday, although Wallace probably would not play in that game, as Adam Schefter reports.

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Neal Coolong at Behind The Steel Curtain notes that with the star wideout only one step away from signing his tender offer and reporting to training camp, the issue is still about how much Wallace is actually worth:

Every interested party ultimately wants Wallace to return to the team, but it’s still a matter of what terms will dictate that move.

Via the Pittsburgh-Post Gazette:

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Wallace, who hasn’t signed his one-year, $2.7 million tender offer from the Steelers because he wants a long-term deal, has reportedly been working out in Florida as his team prepares for the season without him.

The Steelers have made it clear to Wallance, who caught 72 passes for 1,193 yards and made the Pro Bowl last season, that they will not conduct contract talks unless he reports to training camp and signs the tender.

Wallace’s condition coach, Tom Shaw, bragged on his client Friday afternoon, according to the Pittsburgh Tribune-Review.

Shaw offered a prediction that Wallace would not be holding out much longer.

Pittsburgh previously suspended negotiations with the wide receiver and pulled their best contract offer off the table. If they aren’t actively negotiating a long-term contract extension and they aren’t willing to trade him, it really only leaves Wallace with the option to continue to holdout or sign his $2.77 million restricted free agent tender.

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It’s still unknown what the Steelers would want in a return for Wallace although they tendered the restricted free agent at a first round level.

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Brown broke out last season, catching 69 passes for 1,108 yards and two touchdowns in his second year in the league. He could take on an even greater role with the team this season, especially if Wallace continues his standoff with the front office.

Brown was a sixth round pick (No. 195 overall) out of Central Michigan in the 2010 NFL Draft. Despite his humble pedigree, Brown now figures to be an important part of Pittsburgh’s offense for a very long time.

According to Bouchette’s report, Wallace has taken a more commanding lead in the negotiations, and he -- not his agent Bus Cook -- was the one who decided it was best to hold out of training camp. Wallace is yet to sign his $2.77 million restricted free agent tender, but may have to do so if he wants to resume long-term contract talks. Steelers General manager Kevin Colbert said the team’s best offer to Wallace is now off the table.

Wallace led the Steelers in receiving last season with 72 receptions for 1193 yards and eight touchdowns. He is reportedly looking for a long-term contract which will make him one of the NFL’s highest-paid receivers.

So that leaves two options for Wallace at the moment. He can either sign the tender and report to Steelers training camp or don’t sign the tender and don’t show up to camp. Considering he’s missed the entire offseason program to this point it wouldn’t be a surprise to see him sit out.

Wallace has only one source of leverage and that’s to sit out. It may not help in the long run to miss camp but there’s nothing else he can do to protest his lack of a long-term contract.

Steelers GM Kevin Colbert defended the decision, saying:

“When we tendered Mike at the amount we did, the compensation through that tender, we really had no issue with that whatsoever because he is deserving of that.”

As time went on it became clear that Wallace would be safe under the first round tender and remain a Steeler. The deadline to sign restricted free agents passed at 4 p.m. ET on Friday afternoon. Several teams were reportedly interesting but nothing got done.

Wallace is one of the rising stars in the game so I think several teams would’ve entertained signing him even if it cost a first round pick. The problem is that Wallace is reportedly looking for a huge contract, which would be difficult for teams to fit under the salary cap.

It seems unlike Wallace would sit out the entire season, thus losing a year of eligibility toward free agency and setting him up to be a restricted free agent again in 2013. That puts the Steelers in the position of being able to either trade him now or let him walk after the season for no compensation.

The Steelers are in a tough spot because they need to find younger players throughout the roster while operating uncomfortably close to the cap. The same report notes that the team is unwilling to meet Wallace’s contract demands.

The restricted free agency period will end on April 20 so the Steelers can’t rest easy until then. For more on the Steelers, visit Behind The Steel Curtain and SB Nation Pittsburgh.