Nov 9, 2014; Detroit, MI, USA; Miami Dolphins wide receiver Mike Wallace (11) runs to scores touchdown during the third quarter against the Detroit Lions at Ford Field. Detroit won 20-16. Mandatory Credit: Tim Fuller-USA TODAY Sports
In 2013, the Miami Dolphins appeared to strike gold by signing lightning-fast wide receiver Mike Wallace to a five-year, $60 million contract. Some questioned the cost and length of the deal, but Wallace’s value was known to be immense.
In the two seasons since signing with the Dolphins, however, Wallace hasn’t matched his value to his cost. Thus, the team is hoping to lower the amount of money it’s paying him.
According to Omar Kelly of The Sun Sentinel, Wallace is unwilling to restructure his contract with the Dolphins.
"Sources tell the Sun Sentinel that Wallace has told the Dolphins he will not restructure the final three years and $32.9 million left on his contract. Wallace, who has expressed his displeasure with the Dolphins’ conservative offense, would rather test the free-agent market than re-work the details of his contract, which pays him $9.9 million in 2015, including $3 million of that guaranteed on March 15. Wallace’s five-year, $60 million contract was structured this way to make Miami commit to him in 2015 or set him free early in free agency, which begins on March 10."
Wallace is owed $11.5 million for both 2016 and 2017 after signing a contract that included $27 million of guaranteed money.
According to Jason La Canfora of CBS Sports, Miami’s trying and struggling to trade Wallace.
"According to numerous general managers, the only name being actively shopped right now is Miami’s Mike Wallace, which comes as no surprise as the Dolphins were gauging interest in him and exploring trade possibilities a year ago as well, after Wallace’s first turbulent season with the club. Moving Wallace’s outsized contract ($12M/year) — $8.5M of his base salary becomes fully guaranteed on March 13 and no way is that going to happen in Miami — could prove to be impossible but the Dolphins are searching. Wallace might have a hard time getting half of his current average salary per season on the open market and I continue to hear he’s interested in a return to Pittsburgh, though it remains to be seen how the Steelers feel about that. Miami has already cut loose veteran receiver Brian Hartline, who also signed a big deal two years ago."
Chances are, he will be cut.
There’s a good chance that Miami will respond to this turn of events by cutting ties with the 28-year-old entirely. It’s building something promising after an 8-8 season, and while Wallace has value, his contract is proving to be too much to handle.
The question is, if Wallace and the Dolphins do part ways, which teams would be the best fit for him?
Next: Back to Where It Started?