Mike Wallace is one of the most important members of the Steelers offense, and he is a restricted free agent this offseason. The Steelers decided not to franchise him and instead place a first round tender on him. According to Steelers Depot, the decision gives them an upper hand in their negotiations with the wide out.
By placing just a first round tender on Wallace the Steelers still have the upper hand and general manager Kevin Colbert has not been shy in telling the media whether or not Wallace ultimately leaves or not. Should a new deal not be reached by the time free agency begins next week, they will have the right to match any offer sheet that Wallace receives from another team.
So that means that the Steelers might not be able to get Mike Wallace under contract for the amount of money that they want to pay him, but if they really want him to be on the team, they will have the ability to retain Wallace. And if they decide that the price is simply too high for Wallace, they will still receive a first round pick as compensation.