“We’re working through the process with both,” a high-ranking team source tells Salguero.
Alex Marvez of FOX Sports recently reported that the reason why the Dolphins have yet to announce the release of Ellerbe is because they were trying to trade him.
As for Wallace, the Dolphins have reportedly been considering all options in regards to his contract. Previous reports have said that he’s unwilling to rework his contract, but it appears as though he’s at least willing to discuss the move with Miami.
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.
A June 1 release improves the Dolphins’ cap savings to $6.9 million and $5.2 million dead money.
However, trading Wallace would boost their cap saving to $5.5 million and reduce the dead money to $6.6 million, according to 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.
Ellerbe, still has another three years remaining on his five-year, $34.75 million contract that includes $14 million guaranteed. He stands to make base salaries of $8.425 million (2015), $6.45 million (2016), and $6 million (2017) coming his way.
According to OverTheCap.com, releasing Ellerbe will free up $5.65 million in available cap space while creating $4.2 million in dead money.
Last year, Ellerbe was limited to appearing in just one game due to a hip injury he sustained in early September.