Mike Wallace won't sign one-year tender

CBS Sports - [Full Article]

It's not unusual for a player tendered as a restricted free agent or slapped with the franchise tag to choose not to sign the one-year offer because they're holding out for a long-term contract. The latest with such designs, according to a report from ESPN's Adam Schefter: Steelers wide receiver Mike Wallace.

Wallace, the team's 2009 third-round pick, is one of the league's most explosive deep threats, but he's still on his rookie contract. And as a restricted free agent, he's set to make just $2.74 million in 2012. That's a nice chunk of change until you compare it to the seven-year, $132 million deal the Lions recently gave Calvin Johnson.

Last month, several weeks after free agency had opened and Wallace had yet to draw any interest from WR-needy teams willing to part with a first-round pick to make him a contract offer, there was a report that he was looking for Larry Fitzgerald money, which works out to eight years and $120 million. Wallace tweeted that we shouldn't believe everything we hear, but even if there's some truth to him wanting a nine-figure contract, that's going to be the sticking point to negotiations with the Steelers.

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Filed Under: 2012, Preseason