Wallace had spent most of the offseason and preseason holding out in the hopes of securing a new long-term deal, but to no avail. It seems very likely that the Steelers will place the franchise tag on him at the end of this season. Pittsburgh is reportedly willing to offer him a base salary close to $10 million per season, which is a reasonable offer, but Wallace is obviously looking for something better than that.
The Steelers have a policy of not handing out new deals during the season, so you can expect contracts talks to begin until 2013. We have Wallace listed as the No. 4 best available player in Top 50 Free Agents list.