Pittsburgh Steelers: The Odds Have Improved for Steelers to Keep Mike Wallace

The number of suitors for Pittsburgh Steelers free agent wide receiver Mike Wallace appears to have dwindled, with the San Francisco 49ers bringing Mario Manningham into the fold on Saturday night and the New England Patriots not only bringing on Brandon Lloyd but also Anthony Gonzalez over the weekend.

But that doesn't mean the coast is clear yet and Steelers fans can breathe a sigh of relief that their top wideout will be with the team for at least one more year.

Sports Illustrated's Peter King mentioned in today's "Monday Morning Quarterback" that if the San Francisco 49ers don't land Peyton Manning (spoiler alert: they didn't) and lose Alex Smith in the process, they could go after free agent Josh Johnson.

Doing so would save them $8 million in 2012, precisely the amount of money that Wallace is projected to get per year should he get a contract offer, and that's the kind of deal the Steelers just cannot match.

So all concerned eyes should be on San Francisco in the coming days and weeks; if Smith goes elsewhere (Miami, for example), then they'll have the cash on hand to make a play for Wallace. They were interested in the past, and though they've added both Randy Moss and Manningham to the roster, a talent like Wallace's isn't worth passing up if the price is right.

The Pittsburgh Post-Gazette's Ed Bouchette believes it's a field of one for Wallace—the Steelers, that is—and I am prone to agree with him. Although, I did write last week that the prospect of the Cincinnati Bengals making a move for him is extremely enticing, if a long-shot.

Bouchette believes that Wallace won't likely get an offer from the Steelers this offseason and will play out the year earning the $2.7 million that comes with his restricted free agent tender. It makes sense—Wallace will be an unrestricted free agent in 2013 and can either test the open market or get a new deal from the Steelers should they be able to afford it.

The franchise tag wasn't on the table this year with the team's cap issues, and it won't likely be next year, considering it will be worth over $10 million. Further, the Steelers will have some difficult decisions to make when it comes to the wide receiver position, as Antonio Brown and Emmanuel Sanders will be restricted free agents in 2013.

If the Steelers re-sign Wallace now, then there's no chance they'll be able to offer a deal to Brown, let alone Sanders, next year. It would be smarter for the team to wait until after both Brown and Wallace have completed the season to determine which receiver has the most long-term value before handing out contracts.

So, barring any surprise moves, Wallace should be a Steeler in the 2012 season. Beyond, however, is a different story, one that necessarily cannot play out until the upcoming season is in the books.

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