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Report: Dolphins Could Approach Mike Wallace About Reworking His Contract

Barry Jackson of the Miami Herald reports that the Dolphins have been considering the idea of approaching WR Mike Wallace about restructuring his contract.

However, Jackson writes that it’s “highly questionable whether Wallace would accept one.”

As things stand right now, Wallace is in line to make a base salary $9.9 million for the 2015 season and has $3 million guaranteed if he’s on their roster as of March 10.

Jackson previously reported that Dolphins GM Dennis Hickey met with Wallace not too long ago and they were continuing to “mull what to do with their star receiver.

Jackson interpreted the meeting as though the Dolphins are “open-minded about his situation” and would like to determine whether the situation is “salvagable.

His 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.