The 4pm witching hour came and went in Pittsburgh with no franchise tag for Mike Wallace. Something that nobody expected to happen anyway given the cap situation of the team. Kevin Colbert spoke today according to Steelers insider Ed Bouchette and talked about Wallace, the Steelers cap situation, and the possibility of any more player cuts on the horizon this offseason.
#steelers GM Kevin Colbert: "We feel good where we are from cap standpoint."Colbert says #steelers didn't have cap room to use franchise tag. Colbert: "for the time being" the #Steelers are done cutting players. - Mark Kaboly Trib
Even with money they recently freed up with the release of veterans Hines Ward, Aaron Smith, Chris Kemoeatu, and James Farrior they didn’t have enough cap room to justify franchising Wallace and still be able to tender their RFA’s coming up. That deadline for those tender offers is March 13th at 4pm. As of now the team is between $10-$11 million under the cap according to Bouchette.