2012 NFL Free Agents: Why Mike Wallace Will Be Back in Pittsburgh

News broke today that wide receiver Mike Wallace will not be given the franchise tag by the Pittsburgh Steelers. While this was expected because of the Steelers' salary cap woes, it still counts as news because it might be the first step to Wallace leaving town.

That said, I don't believe the 25-year-old wideout is going anywhere.

Wallace is a restricted free agent and will be given a first-round tender by the Steelers, meaning any team that signs him will have to surrender a first-round draft pick in exchange for taking him on board. In addition to that, the Steelers can match any offer the third-year pro receives. 

Wallace is coming off his first Pro Bowl season in 2011, a year in which he caught 72 passes for 1,193 yards and eight touchdowns. He is one of the NFL's premier deep threats, and while he needs to improve his consistency and route-running, he is a valuable commodity and the Steelers need to retain him. 

Had they used the franchise tag on Wallace, it would have cost the Steelers $9.5 million, which is money they don't currently have under the salary cap. The first-round tender carries a price of about $2.75 million, which will be much easier to work with.

Though that qualifying offer has not yet been made, the Steelers have said they will use it to help retain Wallace. Meanwhile, they must continue to cut cap space in order to make room for a new, long-term deal for their prized wideout. 

It may not look pretty right now but I simply don't see a team swooping in, surrendering a first-round pick and giving Wallace a deal that the Steelers won't match. It just won't happen.