Pittsburgh Steelers GM Kevin Colbert mentioned that they will place “at least” a first-round tender on free agent WR Mike Wallace and added that there’s still a chance they could use their franchise tag on him.
Colbert said they plan on doing “everything (they) can” to keep Wallace in Pittsburgh next season. “We want Mike to finish his career with the Steelers and we’re pretty sure he wants to end his career (with the) Steelers,” said Colbert, per Aaron Wilson.
Rough estimates suggest that the Steelers are still over the salary cap by several million dollars but Colbert did mention that there will be more “terminations’ in the next few weeks. Casey Hampton, James Farrior and Hines Ward have all be rumored to be on the chopping block and reports have previously mentioned that the Steelers may attempt to restructure the contracts of Ben Roethlisberger and Troy Polamalu. They still have a shot at keeping Wallace but it’s going to take some serious reworking before they can really confident that he’ll be retained.
One thing worth mentioning here is that the Steelers will continue to have financial issues in the coming seasons because they’re essentially differing payments to later time. Hopefully for them, it will by enough time to make it easier to part with some of their aging veterans.