Report: Mike Wallace Not Planning to Sign Tender 'Until He Has To'

Pranav Tadikonda@@pranavtadikondaCorrespondent IApril 22, 2012

DENVER, CO - JANUARY 08:  Mike Wallace #17 of the Pittsburgh Steelers throws the ball prior to the start of the AFC Wild Card Playoff game against the Denver Broncos at Sports Authority Field at Mile High on January 8, 2012 in Denver, Colorado.  (Photo by Jeff Gross/Getty Images)
Jeff Gross/Getty Images

Adam Schefter has reported via Twitter that Pittsburgh Steelers restricted free agent wide receiver Mike Wallace will not sign his first-round tender '"until he has to."

Wallace did not get any offers from any other teams, despite being one of the premier talents at wide receiver. Wallace's price tag of a first-round draft pick repels teams away.

Wallace will likely not report to offseason activities. He may even hold out of training camp. Wallace is seeking a long-term deal, as he wasn't happy with the $2.7 millions he got with the first-round tender. 

If he doesn't sign, the Pittsburgh wide-out is not obligated to report to training camp, unlike other signed players. He has until June 15 to sign. If he doesn't agree before the deadline, the Steelers are allowed to cut his tender to a little over $500,000. 

The Steelers obviously want to sign Wallace to a long-term contract, as he is one of the best wide receivers in the league. However, Pittsburgh is cash-strapped, and they struggled to sign any players during free agency. 

Last year, Wallace had 72 receptions for 1,193 yards and eight touchdowns. The speedy WR has amassed 171 catches, 3,206 yards and 24 touchdowns.

Once considered a possibility for teams with extra first rounders, Wallace will likely stay with the Steelers. However, he may be holding out of training camp and maybe even some of the season.

The Steelers' front office must get this worked out with Wallace, so the young wide receiver can go back to working out and doing what he does best.