Why Pittsburgh Steelers Must Retain Mike Wallace at All Costs

The Pittsburgh Steelers have to work against a tight salary cap situation, and as a result they may not be able to ink No. 1 receiver Mike Wallace to a long-term contract. Wallace is a restricted free agent this offseason and the team is likely to put a first-round tender on him (which would cost $2.742 million) as opposed to using the franchise tag ($9.6 million) in order to retain him.

The first-round tender would mean that Wallace would be free to sign with another franchise, but that team would have to send a first-round pick in return for the receiver.

In a desperate move to get their cap situation under control, the Steelers have already restructured the contracts of cornerback Ike Taylor and linebackers Lawrence Timmons and LaMarr Woodley. Today Pittsburgh announced that Willie Colon had also agreed to restructure his deal, which should make things a little better.

Still, the cap situation in Pittsburgh isn't resolved and more must be done.

The bottom line in this story is that the Steelers need Wallace badly and they must do whatever they can to retain him. While Wallace has been criticized for just being a deep threat, he grabbed 72 receptions in 2011, while gaining 1,193 yards and scoring eight touchdowns. All of those numbers were team-highs.

Yes, Antonio Brown played well this season and his 69-catch, 1,108-yard season was promising, but Wallace's ability to stretch the field is incredibly valuable and was a big factor in Brown's ability to get open.

Wallace will turn 26 this offseason, and is sure to be a hot commodity on the open market. The New England Patriots would love to grab the Ole Miss product and line him up across the field from Wes Welker, making him the No. 2 receiver and deep threat the team has been lacking.

Without Wallace Pittsburgh's passing attack would take a serious hit. The Steelers need to figure out a way to get a deal done with their young receiver.