Market Watch: Contract, Free Agent Speculation in the AFC North for 2/14

Next Monday, teams can begin slapping the franchise tags on free agents they want to retain but cannot afford to pay, meaning that things are really going to start heating up on the contract and free agency fronts in the coming days.

With that in mind, here's the latest news around the AFC North regarding free agency and salary cap situations for the Pittsburgh Steelers, Cleveland Browns and Cincinnati Bengals.

The Pittsburgh Steelers Have Tough Decisions to Make

While retaining wide receiver Mike Wallace for the long term is the Pittsburgh Steelers' top priority, it's not the only pressing issue they need to address in the offseason.

One is how to get under the salary cap, which is projected to be around $124 million this year.

The Steelers have managed to trim around $15 million off of the approximately $25 million they are over budget by restructuring the contracts of linebackers Lamarr Woodley and Lawrence Timmons and cornerback Ike Taylor.

For what it's worth, the Steelers were aware of the issues they'd face with the salary cap this season. General manager Kevin Colbert said to the assembled media in a press conference on Monday that:

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"We've seen this coming for a while and we knew we would have to make some serious adjustments after this past season, because the previous season we didn't have a salary cap and really we took some liberties that year that we would not have been able to in a capped year. Some of that carried over into this year."

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Also notable is that, according to the Pittsburgh Post-Gazette's Ed Bouchette, "Some big names could be released before training camp starts, although Colbert would not speculate on who they may be."

When it comes to Wallace, the Steelers have a few options. First, they could simply franchise him, but that would be expensive—around $9.6 million for one year.

They could also place a first round restricted free agent tender on him, worth $2.7 million, which allows them to match any offers he receives from other teams or get a first round pick if he signs with another squad.

It's clear why the Steelers would prefer to ink a deal with Wallace than franchise him: if they can put together a properly-structured deal, Wallace could make less than that $9.6 million franchise number but still have a lucrative contract spread out over time.

Getting a deal done means Wallace would cause less of a cap hit in the short term while the team could still confirm they have a long-term interest in keeping him on the squad.

Has Cincinnati Bengals WR Jerome Simpson Destroyed His Chances to Return to the Team?

Though Bengals wide receiver Jerome Simpson scored the most electrifying touchdown of the 2011 season, that won't be enough on its own to convince his team to keep him around.

Simpson, an unrestricted free agent, will be headed into his fifth year in the league with plenty of uncertainty hanging over his head.

First is the report that he won't likely get a new contract without agreeing to be the team's No. 3, or more likely, No. 4 receiver in 2012. But most glaringly, Simpson is facing marijuana trafficking charges stemming from an incident in September 2011 in which he was caught for possessing nearly nine pounds of the drug at his northern Kentucky home.

Simpson pleaded not guilty to the charges in late January. Though no further trial date has been scheduled, he could face up to five years in prison if found guilty.

Considering the history the Bengals have with rostering players with legal troubles and the fact that they want to move away from having that reputation, this incident doesn't help Simpson's chances of remaining with Cincinnati in 2012 and beyond.

Both Simpson and Andre Caldwell are unrestricted free agents this year, and while Simpson might have made a case to be the one they hold onto on the field this year, his actions off the field will likely cost him a contract.

The Cleveland Browns Have Free Agent WRs in their Sights

The Cleveland Browns need to do a lot of work to improve their offense this offseason, and no area is more important than their wide receiving corps.

They drafted a receiver last year, Greg Little, but he hasn't had a chance to break out, and the team's other starters, Joshua Cribbs and Mohamed Massaquoi, combining for 72 catches and under 1,000 yards in 2011.

That's not to say that Cribbs and Massaquoi don't have their places on the Browns' roster—they do—but the one thing that's going to help quarterback Colt McCoy improve and ultimately keep his starting job is a real playmaker to target.

The Browns are likely to go after a wide receiver in the draft—perhaps with their second of two first round picks. But they'll also be taking a hard look at the crop of free agent wide receivers likely to hit the market come March 13.

One thing that might turn off some of the bigger-name (and bigger-pricetag) receivers might be the fact that this is clearly yet another rebuilding year for the Browns. They wouldn't be joining a playoff contender, at least not in 2012, and would have to be willing to help the team grow as a whole.

That might make free agents like the San Diego Chargers' Vincent Jackson wary. Further, he will likely be asking for $10 million per year or more from his new team.

A more likely option would be Robert Meachem of the New Orleans Saints, who is in the prime of his career but has become the odd man out on a team chock full of high-level receivers.

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