What will the Miami Dolphins do with disgruntled wide receiver Mike Wallace in 2015?
Wallace still has three years and $32.9 million left in his inflated contract with the Dolphins. According to reports, Wallace has told the Dolphins that he will not structure the remainder of his original five-year, $60 million contract and would prefer to test the free-agent market (via the Sun Sentinel).
Wallace is on course to be paid $9.9 million in 2015 with $3 million of that amount guaranteed on March 15. If the Dolphins cut him, they would save $6.9 million in cap space by designating him a post June 1st cut.
For the moment, however, it does not appear that the Dolphins’ new executive vice president Mike Tannenbaum is willing to let Wallace walk just yet. He had this to WINZ-AM on Thursday (h/t NFL.com).
Mike is a guy who is under contract for now. We’re discussing all our option. Coach (Joe) Philbin, (owner Steve) Ross, Dennis (Hickey) and myself, we’ve talked. For now Mike is under contract, and we’ll see where things go from there.
While the Dolphins appear to want to work things out, they have also reportedly shopped him on the trade market.
Wallace hasn’t been anywhere near as effective as the Dolphins had hoped when they signed him to the five-year deal in 2013. Over the past two seasons, he has put up just 1,792 yards and 15 touchdowns. This coupled with attitude issues and his bloated salary do not bode well for him as a trade prospect.
At this time there are four options in regards for Wallace. He can play under his existing contract one more season, be cut, get traded or restructure his contract.
Photo: USA Today