According to Jackson, the Dolphins are continuing to “mull what to do with their star receiver.”
However, Jackson interprets this news as though the Dolphins are “open-minded about his situation” and would like to determine whether the situation is “salvagable” before parting ways with Wallace.
Jackson has spoke to a close friend of Wallace who said he “loves Miami,” and just “wants an opportunity to make a difference.”
Last month, Dolphins owner Stephen Ross declined to say if Wallace will be back with the team next year.
“I don’t think anyone really knows,” Ross said of Wallace’s status with the team, per Jackson.
His 2014 season reportedly ended with him asking out of the game, and there were already concerns about his work ethic and overall production.
Wallace, 28, signed a five-year, $60 million contract that included $30 million guaranteed with Miami back in 2013, so it clearly disappointing that this is something being talked about just a few years into this agreement.
He stands to make a base salary of $9.85 million for the 2015 season to go along with $11.45 million in the final two years of his contract.
According to OverTheCap.com, releasing Wallace outright would free up $2.5 million in cap space next year, but would also create $9.6 million in dead money.
However, designating him as a post-June 1 release would boost their cap saving to $6.9 million based on OTC’s cap calculator.
This season, Wallace caught 67 passses for 862 yards receiving and 10 touchdowns over the course of 16 games. Pro Football Focus has him rated as the N0. 53 receiver out of 110 qualifying players.