Found March 01, 2012 on Bleed Black & Gold:
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EPSN’s Adam Schefter is reporting that the Steelers will not use the franchise tag on Mike Wallace.  Wallace will be given the first round tender offer as a restricted free agent.  If any team were to sign him away we would receive their original first round pick in return.

The Steelers had to make this move.  The tender for Wallace looks to be around $2.75 million for the season.  The Steelers cleared up just over that by preparing for the release of Hines Ward.  To give Wallace $9.4 million would not have been an option as the Steelers do not and will not have that kind of cap space it seems.

Wallace could make huge money on the open market.  He is also not shy about knowing it either.  He wants his money and he knows he can get it in free agency.   Only time will tell if Wallace will remain in the black and gold.

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