What should the Miami Dolphins do with Mike Wallace?

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Two years ago, the Miami Dolphins and free agent wide receiver Mike Wallace agreed on a five-year, $60 million deal. It guaranteed Wallace a total of $30 million and it made him the fourth-highest paid receiver in the NFL.

The skill-set that he brought to the table was unlike anything the Dolphins had in recent years. His incredible speed was looked on as a key asset, with the hopes of providing quarterback Ryan Tannehill a deep-threat target. Not only would he serve as a catalyst to Tannehill, but his speed and ability to draw a double team was expected to help free up space for his teammates.

While many questioned the integrity of the signing, Wallace was coming off a three-year stretch in which he caught 196 balls for 3,286 yards and 26 touchdowns for the Pittsburgh Steelers. His played warranted him a big deal and Miami was more than willing to provide him with one. The only question was, was it all worth it?

After a disappointing first season with Miami, it was hard to say yes. Wallace led the team in just one category – targets. In addition to leading the team in that department, Wallace failed to reach the 1,000 yard receiving mark and caught just five touchdowns passes.

Fans were disappointed in the play of Wallace and I’m sure the front office wasn’t too thrilled. With that being said, Wallace had a lot to prove heading into his second season with Miami.

There were improvements made, however, were they enough to sell the Dolphins front office on bringing him back for a third season?

While Mike Wallace led Miami in receiving yards and touchdown grabs this past season, rookie wide receiver Jarvis Landry totaled a team-high 84 catches in 2014.

Well, this season, Wallace led the team in targets, yards and touchdowns which was a big improvement from his first year. But despite being the team’s leader in receiving yards (rookie Jarvis Landry led Miami in catches), there is still reason to believe his job security is in jeopardy heading into next season.

A big cause for this is his total lack of production, high salary and leadership concerns. In his two seasons with Miami, Wallace has yet to reach the 1,000 yard mark or catch more than 75 balls. For a receiver who is the fourth highest paid player at his position, you would think he would be able to achieve these with ease.

It’s not just his on field production that has people worried. In the later portion of last season – when the Dolphins were struggling – Wallace often seemed disinterested. This was evident in the team’s final game of the season against the New York Jets.

In the second half of the game, Wallace was dressed on the sidelines. However, he did not play a single down. Many believed that something happened during halftime and it resulted in head coach Joe Philbin benching him.

However, according to NFL Media’s Jeff Darlington, Wallace apparently took himself out of the game after Charles Clay scored a touchdown with just 43 seconds left in the half.

Wallace’s move caused a lot of tension in the locker room. In fact, back in December, Darlington tweeted out that Dolphin players told him they felt as if Wallace abandoned them when they needed him.

But, despite this, can the Dolphins really part ways with Wallace?

The bottom line is Wallace demands a lot of the Dolphins’ cap space:  $12.1 million actually. If released, the Dolphins would only reduce that figure by $2.5 million.

Saving the team $2.5 million against the cap would be a good step moving forward in trying to rid themselves of the bad contracts throughout the roster. But would that be enough to push them into the playoffs next season? Probably not.

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Releasing Mike Wallace would automatically open up a demand for a replacement wide receiver. One option would be to string off the success of last season’s rookie wide receiver class, and snag either DeVante Parker, Kevin White or Amari Cooper in the draft.

Overall, it is a tough call on Wallace. He has proved that he is not deserving of the contract received but removing him from the team could be detrimental to the offense. Although he has not totaled at least 1,000 receiving yards in a Dolphins uniform, he still finished twelfth in the league in touchdown receptions. It would be hard for any rookie receiver to duplicate that number.

No matter what the Dolphins decide to do with Wallace, one thing is for sure: He is on a very thin leash. If he indeed returns for a third season, he would be playing under a microscope.  If he has yet another under-performing season, expect changes to be made at the position.

Next: Jarvis Landry new star of Dolphins offense