Receiver Mike Wallace will remain with the Pittsburgh Steelers after a Friday deadline passed with no team offering the restricted free agent an offer sheet, sources told ESPN.
The Steelers' front office took a risk by not putting the franchise tag on Wallace and won $7 million with that gamble, netting $6.8 million by putting a first-round tender on Wallace of $2.7 million instead of the $9.5 million tag.
Wallace hasn't reported to offseason workouts because he has yet to sign a contract tender.
He has until June 15 to sign it before the Steelers can cut the tender to $577,500 -- a loss of $2.1 million.
Steelers team president Art Rooney II has said the team wants to sign Wallace to a multiyear contract.
Perhaps the threat of losing $2.1 million on June 15 will encourage Wallace to lower his asking price. The market has spoken -- Wallace's asking price is too high.