Mike Wallace: Latest News, Rumors and Speculation on WR's Future with Dolphins

Miami Dolphins wide receiver Mike Wallace was reportedly traded to the Minnesota Vikings for two draft picks. 

Continue for updates.

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Dolphins Reportedly Trade Wallace to Vikings

Friday, March 13

Wallace has been traded to the Minnesota Vikings in exchange for a fifth and seventh round pick, according to ESPN's Adam Schefter. 

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Front Office Split on Wallace

Thursday, March 5

Barry Jackson of the Miami Herald reported that "according to someone directly involved, the Dolphins remained genuinely uncertain Thursday about whether they will keep Mike Wallace, with one factor being whether Miami can do what it needs in free agency while sustaining Wallace’s cap hit. There is front-office support for keeping him, but the cap hit is an issue."

Armando Salguero of the Miami Herald joined Team Stream Now to discuss Wallace's future with the team:

CBS Sports' Jason La Canfora added more on Wallace's potential next move:

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According to numerous general managers, the only name being actively shopped right now is Miami's Mike Wallace, which comes as no surprise as the Dolphins were gauging interest in him and exploring trade possibilities a year ago as well, after Wallace's first turbulent season with the club.  

Wallace might have a hard time getting half of his current average salary per season on the open market and I continue to hear he's interested in a return to Pittsburgh, though it remains to be seen how the Steelers feel about that.

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Wallace's Father Speaks on WR's Future

Wednesday, March 4

Adam Beasley of the Miami Herald spoke to Wallace's father, Burnell about his son's future in Miami:

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That's according to his father Burnell, who told the Miami Herald that the uncertainty has been "tough" for his son.

"Right now, he's been talking to them," Burnell Wallace said late Wednesday morning. "He thinks he's going to stay there. He doesn't have a problem staying. [But] they really don't know. I really can't give you a definitive answer."

Wallace said his expects his son to know one way or the other next week — which makes sense. The Dolphins must pay Wallace a $3 million bonus if he is on the roster on March 14.

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Beasley also notes that Wallace could become a casualty needs room to land Ndamukong Suh in free agency.

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Tannehill Speaks on Wallace

Tuesday, March 3

Ryan Tannehill spoke about Wallace and his future in Miami with Beasley, saying he wants the wide receiver back for next season.

Tannehill expanded on that, saying "Yeah. I like Mike. I think he's a talented player. And we'll see what happens," via Chris Perkins of the South Florida Sun-Sentinel.

The quarterback also spoke on any potential issues between the two players, saying that the two "cleared the air," via Beasley.

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Dolphins Have Reportedly Discussed Pay Cut, Cutting Wallace

Thursday, Feb. 26

Salguero reported that the Dolphins have discussed having Wallace take a pay cut and have also discussed releasing the wideout outright. However, Salguero expressed doubts that the team will be able to convince Wallace to take a pay cut:

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I have severe doubts Mike Wallace will abide a pay cut. I'm told his camp is confident that if the Dolphins cut the wide receiver, he'll do just fine on the open market in free agency. He'll be able to pick his team. He'll be able to pick his quarterback. He'll get money up front.

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Salguero also breaks down why the team might let the wideout walk:

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If the Dolphins are going to cut Wallace, they will likely do it before a $3 million guarantee of his scheduled $9.85 million salary goes into effect on the fifth day of the NFL year. The league year begins March 10 so we're talking a decision by March 15.

And in all likelihood what will happen if the Dolphins cut Wallace is they will do so with a post June 1 designation. Teams get two such designations every year. It means the Dolphins will be able to carry the dead money left from the aborted contract over two years instead of just one year -- this year.

So if the Dolphins cut Wallace with a post June 1 designation it will save $6.5 million in salary cap space while carrying $5.2 million in dead money this year. Without the designation, the move would the Dolphins $2.5 million and carry $9.6 million in dead money this year. 

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Dolphins May Not Get Much for Wallace in Trade; GM Declines Comment on Talks

Thursday, Feb. 26

Andrew Abramson of The Palm Beach Post reported that while the Dolphins are interested in trading Wallace, the team might not get the return it's hoping for: 

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But in reality, the Dolphins can’t get much for Wallace.

According to one league source, the Dolphins would be lucky to get a 6th or 7th round pick. They might not even find a trade partner because of Wallace’s salary. He’s has nearly a $10 million base salary in 2015.

Even if the Dolphins trade him, they’d still take a $6.6 million cap hit in 2015 — but then he would be off the books.

The Dolphins would save only $2.5 million in cap space by releasing him.

However, NFL teams can spread out over two years the cap hit for two specially designated “post-June 1st” players they cut before free agency begins.

Under that scenario the Dolphins would free up $6.9 million in 2015 by releasing Wallace. He would still count for $5.2 million against the cap and Miami would still have a cap hit in 2016.

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Abramson also reported that Wallace's return is "50/50" at this point. 

Salguero echoed Abramson's sentiments:

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On the trade front...this is not likely. Yes, the Dolphins would like to get something for Mike Wallace if they can. But the fact is most teams will not trade for that contract. It is toxic. I refer you to Baltimore Ravens owner Steve Bisciotti's words on the matter.

It is unlikely the Dolphins would trade within the division so the Jets are hard to include in the possibilities even though they have tons of cap space and a need at wide receiver.

There's also the cost of making a trade for that team: Not only must they consider compensation to the Dolphins but either taking the Wallace deal or doing a reworked deal with him. So Wallace would have say in the matter. If he doesn't want to do a new contract, he could possibly sabotage a trade.

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Meanwhile, Mike Tannenbaum, the Dolphins' executive vice president of football operations, declined to talk about the rumors surrounding Wallace in an interview with Sirius XM NFL Radio, saying, "Wallace impacts the game without having the ball in his hands; we like him but we will not comment on trade rumors.

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Dolphins Considering Wallace Trade

Wednesday, Feb. 25

Ian Rapoport of the NFL Network reported that the Dolphins are "exploring" the idea of trading Wallace for multiple reasons, per Chris Wesseling of NFL.com:

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NFL Media Insider Ian Rapoport reported on NFL Total Access on Wednesday that the Dolphins are exploring the trade route based not just on Wallace's play, but also his fit in the locker room.

Wallace infamously removed himself from the season finale, leading to a shouting match with coach Joe Philbin.

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Dolphins GM Speaks With Wallace

Wednesday, Feb. 18

Mike Rodak of ESPN provided comments from Dolphins GM Dennis Hickey, who spoke about a conversation he had with Wallace:

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We had a good conversation. Again, we have an open line of communication. We always feel like we have an open door for all of our players -- whether it be from the coaching staff, myself, always keeping that open line of communication.

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Wallace's Future with Dolphins Uncertain

Sunday, Feb. 8

With a huge contract and a disappointing tenure in Miami to this point, it's hardly surprising that there has been a buzz around the Dolphins that wideout Mike Wallace could be cut this offseason. The team is certainly doing its due diligence before making any decisions on the wide receiver, however, per Barry Jackson of the Miami Herald:

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Dolphins general manager Dennis Hickey recently had a meal with Mike Wallace, according to a source with direct knowledge, and the Dolphins continue to mull what to do with their star receiver. The fact Hickey wanted to meet with Wallace suggests the Dolphins are open-minded about his situation and aren't going to automatically cut him without first exploring if the situation is salvageable.

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Jackson added, "A close friend of Wallace said he 'loves Miami,' would absolutely be OK with returning and that he just 'wants an opportunity to make a difference' here."

As Jackson notes, the Dolphins are facing a $12.1 million cap hit if he remains on the team in 2015, though that hit would be severely reduced if he were to be cut or traded. That's certainly a hefty price to pay for a receiver who finished the 2014 season with 67 receptions for 862 yards and 10 touchdowns, though one who is also inconsistent and mercurial. 

While Wallace's 10 touchdowns this season were impressive, he's yet to reach 1,000 receiving yards in his two seasons with Miami and his yards per catch in each season were less than any of his four seasons with the Pittsburgh Steelers.

In January, owner Steve Ross was asked about Wallace, and his comments didn't exactly suggest the wideout would return to the team:

Wallace remains a deep threat and his talent is unquestioned, though it's likely the Dolphins will seriously try to trade him before they cut him if they decide to move on this offseason. It won't be easy to trade a player who has his cap hit and regressing production, however, so the team's best recourse may be to restructure his deal and hope he comes back motivated to perform in 2015.

Regardless, it seems both parties are at least interested in exploring the option of continuing their relationship.