Mike Wallace & Dolphins Discussing Potential Pay Cut

According to Barry Jackson of the Miami Herald, the Dolphins have been discussing a pay cut with WR Mike Wallace in recent days.

However, Jackson mentions the two sides have some time to figure this out before Wallace’s salary becomes guaranteed on March 15. Jackson adds that this situation “could go either way.”

Earlier in the day, Ravens owner Steve Bisciotti highlighted how bad Wallace’s contract looks in hindsight.

“The difference between what we can pay Torrey and what he gets on the open market … Mike Wallace got $10 million [actually, $11 million signing bonus from the Miami Dolphins] and I don’t think anybody thinks that was a good deal,” Bisciotti said Tuesday, via the Jamison Hensley of ESPN. “There’s always a team that has lots of money that wants to bring in playmakers. Those guys are going to get those deals. I think we’re going to have to take it on the chin and move on.”

• The Dolphins have reportedly told people that there will be some turnover at the wide receive position this offseason.
• Miami would like keep WR Rishard Matthews, but they have yet to inform either Brian Hartline or Brandon Gibson of whether they’ll be back with team next season.
• For what it’s worth, releasing Hartline and Gibson would free up $6.41 million in available cap space, according to OverTheCap.com.

Wallace’s 2014 season reportedly ended with him asking out of the game, and there were already concerns about his work ethic and overall production, which has led some to suggest that Wallace could be a cap casualty.

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.

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.