It became official at 4 pm today. Mike Wallace will receive a first round tender but will not be franchised. The Steelers did not have the money for it. This is what has been expected all a long. The Steelers will give Wallace $2.7 million this season. He will be an unrestricted free agent next season if no long term deal is reached.
The Steelers are now vulnerable to another team signing Wallace. The team would have to give up their first round pick in return. Wallace is worth a first round pick. It will just depend on how things play out in free agency whether Wallace is headed elsewhere or not.