Steelers' Credit Card Mentality Could Cost Them Mike Wallace

No team entered the 2012 offseason in worse salary cap shape than the Pittsburgh Steelers.

The perennial contenders have put off salary cap doom for a few years in a row now. In order to maintain their contender status, Steelers GM Kevin Colbert and contract negotiator Omar Khan have had to become creative.

Quarterback Ben Roethlisberger recently restructured his contract for the 2012, season saving the team $8 million. Roethlisberger joins other longtime Steelers stalwarts Lawrence Timmons, LaMarr Woodley, Willie Colon and Ike Taylor as having restructured this offseason.

It is the second time in the last six months Roethlisberger has renegotiated his contract. Linebacker James Harrison has offered publicly to re-work his deal. Now keep in mind, a restructure is not a salary reduction. It generally means the player gets the money guaranteed spread out over the life of the remaining years on the contract. The team gets short-term salary cap relief, and the player gets guaranteed cash.

Restructuring works out well for both sides. But, the player wins in the long-term. Teams still have to account for the salary cap implications of guaranteeing the money in future years.

Troy Polamalu, Hines Ward and Ryan Clark have restructured their contracts at different times over the years. Ward’s 2012 salary of $4 million will not be paid, as the team has already indicated they would like to move on. Ward would love to come back and finish his career with the Steelers, but it is uncertain if the Steelers feel the same way.

All of the Steelers' salary cap woes are coming at a bad time for the team. Wide receiver Mike Wallace, entering his fourth season, is due for restricted free agency. Restricted free agency is a bit different than unrestricted. If the Steelers place a first-round tender on Wallace, which they will do, other teams have a right to offer Wallace a long-term contract. If the Steelers do not match the offer, the team signing Wallace forfeits their first-round selection in the upcoming draft.

In his first three years in the NFL, Wallace has 150 receptions, 3,195 yards, and 24 touchdown receptions. However, the most impressive stat for Wallace is his 18.8 YPA (yards per-catch).

Obviously, no team in the NFL has indicated they would be interested in Wallace, for tampering reasons. But, it only takes one team. Although the Ravens have essentially ruled out forfeiting a first-round selection for a restricted free agent, imagine the impact that move would have. Taking away your chief rival’s top receiver all the while strengthening your team. Not to mention, the Ravens could use an upgrade to the wide receiver position.

While the Steelers are working hard to clear cap room, they will face the same issue next season. Wide receiver Antonio Brown, who just completed his second season, will be a restricted free agent in 2013. Brown, the Steelers’ 2011 offensive MVP, will be a priority next season.

The Steelers were one of the teams who didn’t take advantage of the uncapped season in 2010. Instead of getting their books straight for when the salary cap returned, the Steelers re-signed several veteran players to long-term deals. Rather than paying most of the guaranteed money up front in the uncapped season, the Steelers chose to pay later.

The credit card philosophy that the Steelers have employed may come back to haunt them. Pittsburgh is one of the older teams in the NFL. Long-time defensive starters Aaron Smith, Brett Keisel, James Farrior and Casey Hampton could either retire or risk being cut. It wouldn’t be a surprise if all return, but the Steelers have to get younger.

The Steelers do deserve much credit for drafting and retaining their own players. The team has never spent big in free agency. Generally when they dip into free agency, it works out well for them. Ryan Clark has been a standout for the past seven seasons.

In the past two of the last three years, Pittsburgh has drafted Evander Hood and Cameron Heyward, presumably to take over at defensive end for Keisel and Smith. The time may have come for Hood and Heyward to take over, even if the team isn’t ready for them.

Could the Steelers go to some of these veterans who have always been a Steeler and ask them to take a pay cut? Sure, but most veteran players want to make what they can because they see the end of the road. But, the lure of going to one more Super Bowl and being a Steeler will present a strong argument.

At this point, it remains to be seen what Wallace’s value will be. If he were unrestricted, they would undoubtedly lose him. But, teams aren’t as afraid as they used to be with first-round picks. The rookie-wage scale has actually increased the value of all first-round picks because the financial risk is much less.

It is doubtful a team will give up a first-round selection to sign Wallace, but remember, it only takes one team.