The Dolphins are reportedly exploring the possibility of trading Mike Wallace, but all options appear to be in play for the veteran wide receiver, meaning the team could also ultimately decide to keep him or to cut him. However, Wallace doesn’t seem to be interested in one potential solution, according to Omar Kelly of the South Florida Sun-Sentinel, who hears from sources that the wideout has told the team he’s not interested in restructuring the final three years of his contract.
Armando Salguero of the Miami Herald also weighed in on the Wallace situation this morning, and noted that he has “severe doubts” Wallace would accept a pay cut, which makes sense. If he were to refuse a pay cut and the Dolphins were forced to cut him, Wallace – who is still just 28 years old – could likely do well on the open market. It’s a little curious that he wouldn’t be open to a simple restructure though. Such a move would simply move money around, ensuring that Wallace receives more up front in the form of a signing bonus, rather than in 2015 base salary, so he wouldn’t be taking a pay cut in that scenario.
Still, as Kelly points out, the former Steeler has expressed discomfort with the conservative nature of the Dolphins’ offense, so it’s possible he’s just interested in a change of scenery. After averaging nearly 1,100 receiving yards and nine touchdowns per season during his final three years in Pittsburgh, Wallace has averaged less than 900 yards and eight TDs in his two seasons catching balls from Ryan Tannehill.
With Wallace owed a $3MM roster bonus on the fifth day of the new league year, the Dolphins figure to make their decision on the receiver one way or the other within the next couple weeks. Salguero suggests that it’s hard to imagine the two sides working something out and Wallace wearing a Dolphins jersey in Week 1 of the 2015 season, so it looks likely that the two sides will part ways.
If Miami can’t find a trade partner, that means the club will cut Wallace, absorbing the $9.6MM in dead money left on his deal. Salguero notes that the team would likely designate the 28-year-old a post-June 1 cut, in which case that $9.6MM would be split up over two years — $5.2MM in 2015 and $4.4MM in 2016.
For his part, new Dolphins head of football operations Mike Tannenbaum declined to comment earlier this morning on the trade rumors surrounding Wallace (Twitter link via SiriusXM NFL Radio).