MARCH 13: After acquiring Kenny Stills today, the Dolphins put Wallace back on the trade block, according to Rapoport (via Twitter). Miami doesn’t appear to have made a decision on Wallace yet, but the team may not want him back at his current salary and cap number.
FEBRUARY 25: The Dolphins are exploring the trade route with wide receiver Mike Wallace, according to Ian Rapoport of NFL Network (on Twitter). It’s widely believed that the Dolphins have been pushing Wallace to restructure his deal or take a pay cut.
Wallace signed a five-year, $60MM deal with Miami in 2014 and that price is too rich for the Dolphins’ blood as they look ahead to the 2015 season and beyond. The Dolphins will absorb a $12.1MM cap hit if Wallace is on the team, $9.6MM if he is cut without a post-June 1 designation, $6.6MM if he is traded, and $5.2MM if he is cut with a post-June 1 designation (which also would entail a 2016 cap hit). The cap hit is large, but not quite as bad as 2014’s $17.25MM number.
Wallace, 29 in August, caught 67 passes last season for 862 yards and 10 touchdowns. While his numbers haven’t been that of an elite wide receiver, he is obviously still very productive and he has also proved to be very durable over the years with just one missed game over the last six years. Statistically, Wallace’s best season came in 2011 with the Steelers when he had 72 catches for 1,193 yards and eight touchdowns on his way to a Pro Bowl selection.
Presumably, any team trading for Wallace will also require him to re-work his deal.