“Wallace (29 receptions, 397 yards, 4 TD) has not been a vertical threat this season, has struggled for consistency since coming back from a prolonged holdout, and is no longer the team’s top pass-catching option,” La Canfora writes. “Wallace seems to be struggling with the emergence of recently-extended Antonio Brown as the No. 1 receiver. Wallace’s confidence has waned and the Steelers would not be inclined to franchise him a second time, or pay him the $11 million or so a year he was seeking in the offseason, according to a source with knowledge of the situation.”
The Steelers tried to sign him to an extension during the offseason and even offered him a similar contract to the one that Antonio Brown signed, but he ultimately turned it down. Wallace has similar numbers to that of Brown and has even record three more touchdowns this season, so it’s not as though he is having an atrocious season. Still, Wallace will have to lower his asking price if he hopes to stay in black and yellow beyond this year. Pittsburgh could always franchise him again next season, but that will cost them an additional 20% on top of next year’s franchise total for wide receivers.
If Wallace does become available, the Colts could be an intriguing option considering that their offensive coordinator is Bruce Arians who worked with Wallace since he arrived in the NFL. They could really use a vertical threat, so it seems like a reasonable idea.
We have Wallace listed as the No. 9 best available player in our Top 50 Free Agents list.